China's Monthly Trade Volume Sets Record in Sept.

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Last updated at: (Beijing Time) Wednesday, October 16, 2002

China's Monthly Trade Volume Sets Record in Sept.

China's monthly trade volume exceeded 60 billion US dollars for the first time in September, hitting 61.71 billion US dollars with a year-on-year increase of 34.7 percent, according to figures released by Chinese customs Tuesday. China's total volume of imports and exports is expected to reach US$600 billion this year.

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China's monthly trade volume exceeded 60 billion US dollars for the first time in September, hitting 61.71 billion US dollars with a year-on-year increase of 34.7 percent, according to figures released by Chinese customs Tuesday.

In September, China's export volume grew 33.1 percent to 31.91 billion US dollars, and import volume climbed 36.4 percent to 29.8billion US dollars, according to the figures.

During the first three quarters of the year, China's total trade volume hit 445.14 billion US dollars, up 18.3 percent, with export volume jumping 19.4 percent to 232.57 billion US dollars, and import volume growing 17.2 percent to 212.57 billion US dollars. The trade surplus in this period was 19.99 billion US dollars.

Figures show that from January to September, primary product exports continued to grow fast, hitting 97.63 billion US dollars, and primary product imports increased at a higher rate to total 93.26 billion US dollars.

In this period, exports in the processing trade grew 19.7 percent to 128.39 billion US dollars, while imports in the processing trade rose 28.7 percent to 88.11 billion US dollars.

Statistics show that China's exports of machinery and electronic products, and imports of automobiles and steel products, saw large increases.

Foreign trade may hit US$600 billion

China's total volume of imports and exports is expected to reach US$600 billion this year, said Shi Guangsheng, minister of foreign trade and economic co-operation, Tuesday.

China performed well in foreign trade and foreign investment during the first nine months of this year, despite the slowdown in global economic growth, Shi said.

With a better investment environment, the country has attracted more foreign investment following its entry into the World Trade Organization.

During the first nine months this year, China approved the setting up of 24,771 foreign-funded firms, up 33.36 per cent year-on-year, involving a contractual investment volume of US$68.375 billion, a 38.38 per cent increase.

The actual used foreign investment during the period totalled US$39.556 billion, up 22.55 per cent from the same period last year.

By the end of September, China had approved 414,796 foreign-invested enterprises. The contractual overseas investment involved reached US$813.667 billion, of which US$434.78 billion had been realized.

Shi attributed the good results to China's own efforts and a better world economic environment this year.

"The stable, rapid and healthy development of domestic economy provided an important base for expanding exports,'' said Shi. Gross domestic product (GDP) had a 7.8 per cent increase during the first half of this year.

The readjustment of industrial structure and government policies related to foreign trade, which complied with both China's situation and WTO rules were also helpful in developing an export-orientated economy, said Shi.

Adding that the positive influences of China's WTO membership also contributed to the healthy performance of the country's foreign trade and investment.

The WTO membership helped increase outside investment confidence towards China, and a more open world market provided Chinese enterprises with huge opportunities, Shi told reporters at the ongoing 92nd China Export Commodities Fair which began Tuesday in South China's Guangdong Province.

The fair has been held each year in April and October since 1957 and is organized by the China Foreign Trade Centre, and in the past has usually comprised one-third of China's exports, other than the processing trade.

Zhou Keren, vice-minister of foreign trade and economic co-operation, hopes that the 92nd session of the fair will produce a good trading result, which is key to the export growth of this year's fourth quarter and that of next year.

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