Trade results for July posts a marginal growth

18 Aug '08

2 min read

The General Administration of Customs released trade statistics on August 11 according to which, import and export value of China in the month of July amounted to US $248.07 billion, up by 29.8 percent from the same period last year.

Of the total, exports in the month reached $136.68 billion, marking a surge of 26.9 percent while imports scored $111.4 billion, up by 33.7 percent. Besides, in the first half of 2008, total exports reflected a year-on-year increase of 21.9 percent. However, it was about 5.7 percentage points lower from the growth rate of the corresponding period last year.

Export growth in the month of June fell to 17.6 percent arousing concerns among various sector, but with rebound in July exports, the total in the first seven months of this year achieved an annual rise of 22.6 percent, 0.7 percentage points higher than the growth rate obtained last year in the same period.

While exports to EU in the first half of 2008 touched $165.04 billion, up 27.1 percent than last year; those to US fetched $140.39 billion, posting an increase of 9.9 percent. This apart, exports to Japan also soared by 15.9 percent, earning China $65.48 billion.

It was also revealed that export growth of traditional commodities showed signs of slowdown. For instance, exports of apparel and clothing brought in $62.49 billion, an increase of 3.4 percent over the same period last year, but were about 19.6 percentage points below the average growth rate of a year earlier. Even footwear exports fetched $16.55 billion, marking a surge of 14.2 percent but still down by 4.3 percentage points from the growth rate of the corresponding period last year.

However, the situation was a little different with export of textile yarn, fabrics and related products which earned $37.87 billion, an increase of 24.4 percent, 11.9 percentage points higher than growth recorded last year.

Fibre2fashion News Desk - China

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