China's trade deficit with East Asia hits $87.5b
Monday, 16 July 2007
Beijing, Jul 15 (PTI): Despite China amassing an overall foreign trade surplus, the Communist country had a deficit of USD 87.5 billion in 2006 with East Asian countries, a main source for raw materials and parts, a senior official has said.
"China and East Asian countries have been growing very fast, with the combined trade volume reaching a whopping USD 502.4 billion in 2006, accounting for 32.5 per cent of China's foreign trade for the year," vice minister of commerce, Liao Xiaoqi said yesterday.
In 2006, China's foreign trade amounted to USD 1.76 trillion. China's exports rose 27.2 per cent from 2005 to USD 969.08 billion, while imports were up 20 per cent to USD 791.61 billion, resulting in a record trade surplus of USD 177.47 billion.
Liao did not provide the statistics of China's trade with East Asia in 2007.
China mainly imports raw materials and parts from East Asia, and exports the processed or assembled products to European and American markets, he said at the 3rd East Asia Investment Forum, which focuses on overseas development strategies for Chinese enterprises.
China has become the largest export market for South Korea, the number 2 export market for Japan, the number 3 export market for Thailand, and the number 4 export market for Indonesia, Singapore, the Philippines and Malaysia.
He said that China pays close attention to regional economic cooperation, has signed a number of agreements with the Association of South East Asian Nations (ASEAN), and will set up free trade zone with ASEAN in 2010.
A total of 11 free trade zones have so far been set up or are being negotiated with foreign partners, he said, involving 28 countries and regions and accounting for a quarter of China's foreign trade.
"China and East Asian countries have been growing very fast, with the combined trade volume reaching a whopping USD 502.4 billion in 2006, accounting for 32.5 per cent of China's foreign trade for the year," vice minister of commerce, Liao Xiaoqi said yesterday.
In 2006, China's foreign trade amounted to USD 1.76 trillion. China's exports rose 27.2 per cent from 2005 to USD 969.08 billion, while imports were up 20 per cent to USD 791.61 billion, resulting in a record trade surplus of USD 177.47 billion.
Liao did not provide the statistics of China's trade with East Asia in 2007.
China mainly imports raw materials and parts from East Asia, and exports the processed or assembled products to European and American markets, he said at the 3rd East Asia Investment Forum, which focuses on overseas development strategies for Chinese enterprises.
China has become the largest export market for South Korea, the number 2 export market for Japan, the number 3 export market for Thailand, and the number 4 export market for Indonesia, Singapore, the Philippines and Malaysia.
He said that China pays close attention to regional economic cooperation, has signed a number of agreements with the Association of South East Asian Nations (ASEAN), and will set up free trade zone with ASEAN in 2010.
A total of 11 free trade zones have so far been set up or are being negotiated with foreign partners, he said, involving 28 countries and regions and accounting for a quarter of China's foreign trade.