China'S Favorable Trade Surplus In Imports And Exports Continues To Decline.

In August 11th, the General Administration of Customs announced the import and export situation of China's foreign trade in the first 7 months of 2008.

According to customs statistics, as at the end of July, the total value of China's foreign trade imports and exports was US $1 trillion and 482 billion 110 million, an increase of 26.4% over the same period last year (the same below).

Of which, exports of US $802 billion 910 million, an increase of 22.6%, and imports of US $679 billion 200 million, an increase of 31.1%.

The cumulative trade surplus of US $123 billion 720 million was 9.6% lower than the same period last year and a net decrease of US $13 billion 100 million.

Customs statistics show that in July, China's import and export value was 248 billion 70 million US dollars, an increase of 29.8%.

Of which, exports amounted to 136 billion 680 million US dollars, an increase of 26.9%, and imports of US $111 billion 400 million, an increase of 33.7%.

In the import and export trade, the proportion of general trade increased significantly, and general trade imports rose sharply.

According to customs statistics, imports and exports of general trade for the first 7 months were 720 billion 500 million US dollars, up 36.3%, accounting for 48.6% of China's total import and export value in the same period, up 3.5 percentage points over the same period last year.

Of which, imports of US $348 billion 130 million, an increase of 49.8%, is 24.8 percentage points higher than that of the same period last year.

In the same period, the growth of import and export of processing trade was flat. In the first 7 months, the import and export volume of processing trade reached US $607 billion 140 million, an increase of 15.8%.

The import of state-owned enterprises increased rapidly, and the import and export of collective and private enterprises increased significantly.

In the first 7 months, the import and export of state-owned enterprises was US $363 billion 210 million, an increase of 32.8%, accounting for 24.5% of China's total import and export value in the same period, representing a 1.1 percentage point increase over the same period last year.

Of which, imports of US $216 billion 120 million, an increase of 45.6%, is 14.5 percentage points higher than the total import growth over the same period, accounting for 31.8% of China's total imports over the same period.

The growth of imports and exports of collective, private and other enterprises was strong, and the import and export of the first 7 months was 301 billion 270 million US dollars, an increase of 31.9%, accounting for 20.3% of China's total import and export value in the same period.

Foreign investment enterprises imported and exported 817 billion 640 million US dollars, an increase of 21.9%, accounting for 55.1% of China's total import and export value in the same period.

In the bilateral trade with our main trading partners in the first 7 months, the European Union is China's largest trading partner. The total trade between China and the EU is US $243 billion 140 million, an increase of 27.9%, of which China's exports to the EU are 165 billion 40 million US dollars, up 27.1%. China's imports from the EU 78 billion 100 million US dollars, up 29.8%, and the trade surplus with the EU is US $86 billion 940 million, 24.9% more than the same period last year, and the surplus growth rate dropped by 29 percentage points.

The United States is the second largest trading partner of China. The total trade volume between China and the United States is 189 billion 110 million US dollars, an increase of 13.2%, which is 4.3 percentage points lower than that of the same period last year. China's exports to the United States were 140 billion 390 million US dollars, an increase of 9.9%. China's imports from the United States increased by 48 billion 720 million US dollars, an increase of 23.8%, and the US trade surplus of 916.7 dollars, an increase of 3.8% over the same period last year, and the surplus growth rate dropped by 15 percentage points.

Japan is still the third largest trading partner of China. The total trade volume between China and Japan is 154 billion 930 million US dollars, an increase of 19.2%, of which China's exports to Japan are 65 billion 480 million dollars, an increase of 15.9%. China's imports from Japan are 89 billion 450 million dollars, an increase of 21.6%, and the trade deficit with Japan is 23 billion 980 million dollars, an increase of 7 billion dollars over the same period last year.

India continues to be the eighth largest trading partner in China. Bilateral trade between China and India is worth 33 billion 520 million US dollars, an increase of 63.8%, and the pace of development is at the top of the top 10 largest trading partners.

Customs statistics show that in the first 7 months, the total value of Guangdong's imports and exports was US $388 billion 780 million, an increase of 14%, accounting for 26.2% of the total imports and exports of the same period.

The total import and export value of Jiangsu and Shanghai was 229 billion 520 million US dollars and 188 billion 600 million US dollars respectively, increasing by 21.9% and 23.3% respectively.

Beijing's import and export growth rate has accelerated significantly, with an import and export value of US $162 billion 740 million, an increase of 56%, an increase of 38.2 percentage points over the same period last year.

The total imports and exports of the 4 provinces and cities accounted for 65.4% of the total import and export value of the same period.

In imports, the average price of imports of major products increased substantially.

Customs statistics show that in the first 7 months, China imported 221 billion 650 million yuan of primary products, an increase of 70.6%, accounting for 32.6% of the total value of imports over the same period.

Of which, 24 million 940 thousand tons of imported coal decreased by 19.4%, the average price was 70 US dollars / ton, up 51.9%; the import soybean was 20 million 730 thousand tons, an increase of 22.8%, with an average price of 591.7 US dollars / ton, up 78%.

Imports of industrial products amounted to 457 billion 550 million US dollars, an increase of 17.9%, accounting for 67.4% of the total value of imports over the same period.

Of which, imports of mechanical and electrical products increased by 18.5%, imports of chemical products and related products increased by $316 billion 20 million, an increase of 18.5%, an increase of 22.5%, and imports of 247 thousand vehicles, an increase of 48%.