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China's trade up
35%
BEIJING - China
registered more than 30% growth in both exports
and imports in 2004 and the total two-way trade
volume topped US$1 trillion to $1.15474 trillion
(9.5576 trillion yuan), up 35.7% from 2003. This
includes $593.36 billion worth imports and $561.38
billion worth exports, surging by 35.4% and 36.0%,
respectively, creating a trade surplus of $31.98
billion.
This is the third consecutive
year that China's foreign trade has reported a
hectic growth of over 20%. Meanwhile, China's
dependency on foreign trade climbed 10 percentage
points to hit 70%, raising fears of economic
fluctuation risks. China's imports maintained a
monthly increase of over 40% from 2003, to the
first half of 2004, thanks to the hectic domestic
demand. But overheated imports, particularly in
conventional trade, were cooled down by national
macroeconomic control measures in the second half
of 2004.
The import growth in July-October
dropped to 34.2%, 35.6%, 22.1% and 29.3%
respectively. Though the trade volume hit a record
$52.71 billion in December, it only saw an
increase of 24.6%. The trade deficit in
January-June reached $6.82 billion, with that in
the first four months even topping $10.76 billion.
But the situation has turned for the better from
September, with the trade surplus reaching a
record $11.08 billion in December.
Among
imports, steel products and nonferrous metal
materials, badly affected by the macroeconomic
control measures, increased much slower than
others. Imports of steel products were valued at
$20.787 billion by 2004, up 4.4% over the previous
year, but down 24 percentage points as against
28.4% in the first quarter, and 7.7 percentage
points lower than in the first half; that of
unforged copper and copper products increased by
37.9%, declining 18.6 and 11.2 percentage points
over the first quarter and the first half of 2004
respectively.
Affected by the country's
demand undulation, imports of automobile and
chassis amounted to 176,000 units, worth $5.33
billion, with a slight rise of 2.1% and 2.4%
respectively. Imports of crude oil and finished
oil surged by 34.8% and 34.1% to reach 122.72
million tons and 37.88 million tons, with import
payment jumping by 71.4% and 57.7% due to soaring
oil prices.
Foreign-funded enterprises
have dominated China's foreign trade. Their
exports in 2004 hiked by 40.9% over 2003 to hit
$338.606 billion, 5.5 percentage points faster
than the growth of total export. It accounted for
57.07% of the total, up 2.24 percentage points
over 2003, contributing to 63.4% of the trade
boom. In contrast, state-owned enterprises'
exports increased only 11.4% to reach $153.588
billion, 25.88% of the total as against 31.49% in
the previous year.
Domestic private
enterprises unveiled an apparent drop in exports
in the last few months after a period of drastic
growth. Exports of mechano-electronic products
maintained a monthly growth of above 30% from the
middle of 2002 to August 2004, with the proportion
in the country's total export rising continuously.
Exports of mechano-electronic products amounted to
$323.402 billion in 2004, soaring 42.3% over the
previous year, 6.9 percentage points higher than
the growth of total exports. It made up 54.5% of
total exports, 2.6 percentage points higher than
the average in 2003. It contributed to 61.9% of
trade growth in the year.
Meanwhile,
high-tech product exports totaled $165.539 billion
in 2004, rising 50.2% over the previous year, the
growth is 7.9 percentage points faster than that
of mechano-electronic products. It made up 27.9%
of the total export and has contributed to 35.7%
of export growth. High-tech products realized a
trade surplus of $4.11 billion in 2004, as against
a trade deficit of $9.02 billion in 2003.
Exports by private enterprises presented a
new bright spot since Chinas accession to the WTO,
thanks to the delegation of export power, the
improvement of international trading environment
and the enhanced competitiveness in China's
labor-intensive sectors. Exports turned out to be
$101.161 billion last year, a surge of 68.6% over
2003, and nearly doubling the country's total
growth. It accounted for 17.05% of total exports,
a rise of 3.36 percentage points over 2003, and
has contributed to 26.5% of export growth.
The United States, the European Union and
Hong Kong are the three main trading partners of
China. Combined exports to the three countries
came to $332.982 billion in 2004, 56.12% of total
exports, contributing to 55% of export growth.
Exports to the US were $124.947 billion; to the
EU, $107.163 billion; and to Hong Kong, $100.872
billion, surging 35.1%, 36.9% and 32.2%
respectively.
China's exports to Asian
countries such as Japan, ASEAN (Association of
Southeast Asian Nations) countries, South Korea,
and Taiwan and to Russia, Brazil and South Africa
all kept increasing. Leading in China's exports
were the Yangtze River Delta and the Pearl River
Delta, which exported $198.005 billion and
$169.458 billion in the first 11 months of 2004,
increasing by 47.68% and 24.5% year-on-year
respectively.
The Yangtze River Delta,
which is viewed as the center of newly added
foreign investment, accounted for 37.39% of the
country's total exports, 3.36 percentage points
higher over 2003 and 6.69 percentage points more
than in 2002. However, exports by the Pearl River
Delta dropped.
Contractual and actually
used amount of foreign capital clinched in 2004
turned out to be $153.479 billion and $60.63
billion, 33.38% and 13.32% more than in 2003.
Growth of the amount of foreign capital actually
used in 2004 was 11.9 percentage points higher
than in 2003. Some 508,941 foreign-invested
enterprises had been approved by the end of 2004,
with actually used foreign capital amount involved
reaching $562,101 billion.
(Asia
Pulse/XIC) |
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