Sat, December 10, 2011
Business > Economy

China's foreign trade growth slows to 17.6% in November, surplus narrows

2011-12-10 05:26:42 GMT2011-12-10 13:26:42(Beijing Time)  Xinhua English

A man walks near trucks parked in a shipping container area at Shanghai Yangshan port December 7, 2011. REUTERS/Aly Song

BEIJING, Dec. 10 (Xinhua) -- China's foreign trade rose 17.6 percent year-on-year to 334.4 billion U.S. dollars in November this year amid weak external demand and a slowing domestic economy, the General Administration of Customs (GAC) announced Saturday.

The year-on-year growth in imports and exports in November was 4 percentage points lower than that in October, according to GAC data.

The November imports rose 22.1 percent year-on-year to 159.94 billion U.S. dollars, while exports increased 13.8 percent from a year earlier to 174.46 billion U.S. dollars, the GAC said in a statement on its website.

Trade surplus in the month narrowed 34.9 percent from a year earlier to reach 14.52 billion U.S. dollars.

China is set to break a new record for its foreign trade volume this year. In the first 11 months its imports and exports expanded 23.6 percent year-on-year to 3.31 trillion U.S. dollars, far exceeding the full-year figure of 2.97 trillion U.S. dollars in 2010, according to GAC data.

In the first 11 months, China's trade surplus shrank by 18.2 percent year-on-year to 138.4 billion U.S. dollars, which came mainly from the country's processing trade in the period.

On breakdown, general trade increased 30.9 percent year-on-year to 1.75trillion U.S. dollars from January to November, while processing trade rose 13.4 percent to 1.19 trillion U.S. dollars.

The GAC data showed China's trade with emerging economies greatly outpaced average growth in the January-November period, with its trade with Australia, Brazil, Russia and South Africa rising by 33.8 percent, 36.7 percent, 44 percent and 82.5 percent, respectively.

The European Union (EU) remained China's top trading partner in the first 11 months even though demands from EU was affected by the festering debt crisis, with bilateral trade amounting to 517.11 billion U.S. dollars, up 19.2 percent year-on-year.

China's trade with the United States, the country's No. 2 trading partner, increased 16.9 percent from a year ago to 405.43 billion U.S. dollars.

A free trade area arrangement between China and the Association of Southeast Asian Nations (ASEAN) continued to lift the China-ASEAN trade by 25.1 percent year-on-year to 328.96 billion U.S. dollars from January to November.

In the period, China reported a trade deficit of 21.94 billion U.S. dollars with ASEAN, 53.5 percent greater than a year ago.

China's trade with Japan, the fourth-largest trading partner, amounted to 312 billion U.S. dollars in the first 11 months, a year-on-year increase of 16.5 percent.?


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