Sino-Latin American trade hits record high in 2003

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Last updated at: (Beijing Time) Thursday, January 08, 2004

Sino-Latin American trade hits record high in 2003

Trade volume between China and Latin America could exceed 25 billion US dollars in 2003, setting a new record, China's General Administration of Customs (GAC) said here Wednesday.

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Trade volume between China and Latin America could exceed 25 billion US dollars in 2003, setting a new record, China's General Administration of Customs (GAC) said here Wednesday.

GAC statistics showed that Sino-Latin American trade volume reached 24.28 billion US dollars during the first 11 months of 2003, a year-on-year increase of 49.2 percent.

"It sets a new record in Sino-Latin American trade history," said Xu Yingzhen, an official with the Ministry of Commerce.

China's foreign trade with Brazil, Mexico, Chile and Argentina accounted for 73 percent of the total volume, each exceeding one billion US dollars. Sino-Argentine trade increased by 123.8 percent, hitting 2.89 billion US dollars.

Xu said China's exports to the continent had developed rapidly, especially in mechanial and electronic products with high added value.

Meanwhile, imports of raw materials, such as soybeans and iron ore, increased sharply.

"The revival of the Latin American economy helped boost Sino-Latin American trade," Xu said.

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