Exports growth reaches 32.7% to $ 342.3bn in first half

13 Jul '05

3 min read

China's foreign trade sustained its vigorous growth in the first half of current year; however some trade barriers are expected to be faced in the coming months.

China's trade volume rose about 23.2 per cent year on year in the first six months this year to US$645 billion, the latest statistics from China's General Administration of Customs revealed.

Exports from China grew to some US$342.3 billion in the first half of this year, a 32.7 per cent rise over the previous year; imports to China reached US$302.7 billion in this period, a year-on-year rise of 14 per cent.

However, the outlook for the second half of the year is not so optimistic, said Gao Hong, an expert with the Chinese Academy of Social Sciences.

"It is because the country's textile trade with the United States and the European Union might hit problems as the enterprises use up their quotas for the entire year," he said.

China's trade with its major trading partners was strengthened during the first half of this year.

The European Union is China's biggest trading partner, with its bilateral trade volume with China growing some 23.6 per cent to US$100.1 billion in the first half of the year.

The United States and Japan take second and third place with trade volumes of US$96.3 billion and US$86.5 billion respectively.

The Association of Southeast Asian Nations (ASEAN), with whom China has adopted measures to facilitate the flow of trade of agriculture products under a free trade agreement (FTA) between the two sides, remains China's fourth biggest trade partner.

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