China to become US’ third largest export market

By Xinhua

Beijing : After serving as the fastest growing export destination of the US for five consecutive years, China is now poised to overtake Japan as America’s third largest export market, Chinese Deputy Minister of Commerce Gao Hucheng said here Thursday.

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China’s foreign trade value reached $1.17 trillion in the first seven months of 2007, a year-on-year increase of 24.4 percent, according to customs sources.

The European Union remained its largest partner with a trade value of $190.1 billion, a growth of 28.5 percent over the same period of last year, followed by the US with $167 billion, up 17.5 percent, and Japan with $130 billion, up 15.2 percent.