By IANS,
Beijing : China’s foreign trade has soared in the first 11 months of 2010 with imports and exports totalling nearly $2.7 trillion, a year-on-year increase of 36.3 percent, a media report said Friday.
Exports rose by 33 percent to $1.4 trillion and imports rose by 40.3 percent to $1.25 trillion during the period, People’s Daily said quoting the General Administration of Customs.
The trade surplus, however, dropped by 3.9 percent to $170.4 billion.
In November, imports and exports totaled $284 billion, breaking the record of $273 billion in September.
It was also the first time that the country’s foreign trade has topped $280 billion.
Compared with the same month last year and the previous month of October, there was a growth of more than 36 percent and nearly 16 percent, respectively.
The value of both the imports and the exports set new monthly historic records in November.
The exports in November amounted to $153 billion, up nearly 35 percent year-on-year. The imports, driven by the rise of both volume and prices, were pushed by 38 percent higher than the same month of last year to $130.4. Imports grew by 12.3 percentage points faster than that in October.
Trade with the European Union, China’s largest trading partner, reached $434 billion over the first 11 months of the year, up by 33 percent year-on-year.
Trade with the US and Japan, the second and third largest partners, respectively, totalled $347 billion and $159 billion, marking a significant growth of 30 and 32 percent, respectively. Trade with the ASEAN countries soared by 40.6 percent to $263 billion.
China’s trade deficit with Japan and ASEAN widened sharply in the period. The deficit with Japan of $49.6 billion soared by 74 percent and the deficit with the ASEAN of $14 billion was 17 times that of the first 11 months of last year.