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Home / Knowledge / News / Textiles / European Union continues to be largest trading partner

European Union continues to be largest trading partner

15
Oct '08

According to customs statistics released recently pertaining to the first nine months of 2008, the European Union continued to be China's largest trading partner.

China-EU bilateral trade value reached US $322.5 billion, a year-on-year increase of 25.9 percent , 12.1 and 8.1 percentage points higher than the growth rates of Sino-US and Sino-Japanese bilateral trade over the same period, respectively.

Over the same period United States continued to be China's second largest trading partner. Sino-US bilateral trade value amounted to $251.5 billion, up 13.8 percent, but down 1.8 percent from the increase of same time last year.

Of which, China's exports to the US were $189.1 billion, up 11.2 percent, but down 4.6 percentage points from growth rate of last year. China's imports from the US were $62.4 billion, up 22.1 percent, an increase of 7 percent over the same period last year.

Bilateral trade with Japan, China's third largest trading partner in the first nine months of 2008, fetched US $202.7 billion, an increase of 17.8 percent. Among them, China's exports to Japan were US $85.85 billion, an increase of 16 percent while China's imports from Japan were US $116.9 billion, an increase of 19.2 percent.

China's trade deficit with Japan stood at $31.05 billion, an increase of 29.1 percent over the same period of last year.

In addition, India took the tenth place among China's largest trading partners. In the first nine months, Sino-Indian bilateral trade touched $42.05 billion, an increase of 54.9 percent thereby ranking the first place in growth rate among China's top 10 largest trading partners.

Fibre2fashion News Desk - China

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