China's foreign trade at US$1 trillion

China's foreign trade has increased steadily and currently stands at more than a trillion US dollars this year.

According to government statistics, China's foreign trade reached nearly 930 billion US dollars, a year on year increase of about 36 percent. China also enjoys a trade surplus of over 10 billion dollars. The trade volume in the first 10 months of this year was higher than all of 2003.

Chai Haitao, Ministry of Commerce Official, said: "China's import and export volume this year experienced sustained and high-speed growth. This will allow the entire volume for the year to surpass one trillion dollars. By then, China's foreign trade volume will rank third in the world."

The momentum of China's export growth has been boosted by industrial and home appliance products amounting to over 250 billion dollars. This is a yearly increase of over 42 percent. The export of high-tech products in particular, increased 52 percent.

Meanwhile, there was a decline in the export of products with low added values, or products that have manufacturing processes that waste high amounts of energy or create a large amount of pollution.

Private enterprises have also contributed to the export growth. Their foreign trade volume accounts for about 11 percent of the entire figure.

Source: CCTV.com