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Latin American region highlight of Guangdong's foreign trade

16
Dec '08

According to the statistics from the General Administration of Customs, the total value of Guangdong province's foreign trade amounted to US $631.18 billion in the first eleven months, up 10 percent year-on-year, and thereby earning the first place in foreign trade amongst all provinces of China. The trade figures of November amount to $53.35 billion, down nearly 13 percent, higher than the national average of 9 percent.

Despite the drop in imports and exports in November, Guangdong's exports to the Latin American region have become the highlight of this year. In the first 11 months, Guangdong's foreign trade with Latin American countries amounted to $22.23 billion, up 24.5 percent year-on-year. Brazil was the largest trading partner while growth rates of foreign trade with Venezuela, Peru and Puerto Rico grew at a faster pace.

Analysts believe, at present, foreign trade in Guangdong faces difficulties due to weak demand in major markets of Europe and the United States as a result of which, developing emerging markets has become one of the important strategic measures. Guangdong's foreign trade value with the region is still very low accounting for only 3.5 percent of Guangdong's total foreign trade which means a huge potential in growth.

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