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Import & export value for July exceeds expectation
21
Aug '08
The General Administration of Customs recently announced the import and export data for the month of July which was surprisingly much higher than the market expectations.

Statistics revealed that the total amount of imports and exports in the month touched US $248.07 billion, an increase of 29.8 percent over the corresponding period of last year. Of the total, exports accounted for $136.68 billion, recording a substantial increase of 26.9 percent while imports made up to $111.4 billion, reflecting a surge of 33.7 percent over the previous year.

Moreover, the import and export values touched $221.71 billion in June, an annual increase of 23.3 percent. Of this, exports scored $121.53 billion registering a growth of 17.6 percent.

A detailed investigation as to the working of the export enterprises under tightening policies was made by the State Department in June and it was concluded that the situation was pretty bad.

However, experts have remarked that diversification of exports to other regions and Olympic Games could be the primary factors behind accelerating the export growth in only a month's time.

In the first seven months of this year, EU replaced the United States to become the largest trading partner of China with exports amounting to 165.04 billion, an increase of 27.1 percent from the same time last year.

On the contrary, the same period, bilateral trade volume for exports to US marked a drop of 4.3 percentage points in growth rate compared to 2007. China's exports to the region recorded $140.39 billion which represented a marginal growth of 9.9 percent.

Fibre2fashion News Desk - China

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