Foreign trade rises 18%

Source: Xinhua  |   2009-1-5  |     NEWSPAPER EDITION

CHINA'S foreign trade probably hit US$2.55 trillion last year, a rise of 18 percent from 2007, according to an analysis released yesterday by the General Administration of Customs.

The trade surplus was about US$290 billion, it said.

In the first 11 months of 2008, external trade totaled US$2.38 trillion, a jump of 20.9 percent year on year. The growth rate was 2.6 percentage points below the year-earlier level. The 11-month trade surplus reached US$255.95 billion, up 6.9 percent year on year.

Customs officials said that because of the worsening global financial crisis and ensuing recession in world markets, China's foreign trade fell 9 percent in November from a year earlier, the first monthly decline since October 2001.

During November, exports fell 2.2 percent against growth of 19.1 percent in October, while imports slid 17.9 percent against a rise of 15.5 percent a month earlier.

The report predicted that China's exports would decline further.