China's Exports Rise 33% to Record; Trade Gap Widens

[bemildred]

Jan. 11 (Bloomberg) -- China's exports rose 33 percent to a record in December, widening the trade surplus to an all-time high, as consumers in the U.S., Europe and Japan bought more Chinese-made clothes, cell phones and computers.

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Surging exports are helping drive growth in the world's seventh-largest economy as the government restricts lending and raises interest rates to cool runaway investment in industries including autos, steel and cement. Commerce Minister Bo Xilai on Dec. 25 said exports probably accounted for 30 percent of gross domestic product last year.

For the whole of last year, exports rose 35 percent to $593.4 billion and imports gained 36 percent to $561.4 billion, leaving a trade surplus of $32 billion.

Bloomberg

[Gloria]

1. Related story: EU Becomes China's Largest Trade Partner

5//Xinhuanet,com, China 2005-01-10 11:17:07

http://news.xinhuanet.com/english/2005-01/10/content_2439568.htm



EU BECOMES CHINA’S LARGEST TRADE PARTNER

BEIJING -- From January to November 2004, the trade volume between China and Europe had reached US$ 159.3 bln, 34.7 percent higher as against the same period in 2003.

The EU has surpassed Japan and the US to become China's largest trade partner; and China has become the second largest trade partner of the EU, only next to the US, sources from the Ministry of Commerce of China say.

The Sino-European economic and trade ties underwent a rapid growth last year pushed by the high-level exchanges between China and Europe. Following the EU enlargement May 1, 2004, the EU has surpassed Japan and the US to become China's largest trade partner.



Germany, Holland, the UK, France and Italy are principal trade partners of China inside the EU. China's trade volume with the five countries takes 72 percent of gross trade volume with Europe. China and Europe has achieved the goal set at the sixth meeting of the Chinese and European leaders in October 2003: to realize trade volume of US$ 150 bln, two years earlier than expected.



In addition, the EU is the fourth largest source of foreign investment of the Chinese mainland(Hong Kong, the US and Japan being the top three sources) and the No. 1 source of techniques.



Germany has secured the leading role in EU's trade with China which remains Germany's top trade partner in Asia and second only to US in the world.

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[leesa]

2. Imagine that! Who could have ever thought THIS would have happened.

Just goes to show how ignorant American economists and CEOs are. Used car salesmen run our country.

[Name removed]

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