The trade volume of China's top 500 traders totalled US$604.8 billion last year, according to statistics released yesterday by the Ministry of Commerce.

Their businesses accounted for 42.6 per cent of the country's total exports and imports.

In a statement on its website, the ministry said the threshold of the top 500 trading companies increased to US$300 million last year from US$260 million in 2004, while the average export volume increased to US$1.18 billion from US$910 million in 2004.

Energy, machinery, electronics and high-tech companies ranked high in the top 500 list.

The ministry said the largest 10 traders all dealt in energy, machinery, electronics and high-tech products.

Statistics also revealed that more than 95 per cent of the top traders are based in costal areas.

Only 18 of the top 500 companies are located in west or central China.

Meanwhile, foreign-invested companies have taken a leading role in China's foreign trade, accounting for more than 60 per cent of the top 500. State-owned enterprises made up 28 per cent of the total.

As China fulfilled its commitments to the World Trade Organization, more privately-owned companies and foreign firms have acquired trading rights.

In 2004, China became the third-largest trader in the world after the United States and Germany.

The country's trade volume totalled US$1.42 trillion last year an increase of 23.2 per cent from a year ago.

Source: China Daily