China's total foreign trade was 1.97 trillion U.S. dollars during the first 11 months of this year, up 23.6 percent from a year earlier.

 

The amount surpassed that for all of last year, and the growth rate was 0.1 percentage points higher than the January-October period, the General Administration of Customs said on Tuesday.

 

The total included 1.1 trillion U.S. dollars in exports, up 26.1 percent, and 865.5 billion U.S. dollars in imports, up 20.5 percent.

 

Export growth was 0.4 percentage point less than the January-October period, while import growth was 0.6 percentage point higher.

 

The trade surplus for the 11 months was 238.13 billion U.S. dollars, up 52.2 percent. The growth rate was 6.8 percentage points lower than the level for the first 10 months.

 

In November alone, foreign trade went up 23.9 percent year-on-year to 208.96 billion U.S. dollars, including 117.62 billion U.S. dollars in exports, up 22.8 percent, and 91.34 billion U.S. dollars in imports, up 25.3 percent.

 

Monthly imports exceeded 90 billion U.S. dollars for the first time.

 

November export growth was 0.5 percentage point higher than the October level, whereas import growth was 0.2 percentage point lower.

 

The trade surplus stood at 26.28 billion U.S. dollars in November, up 14.7 percent as against growth of 13.5 percent for October when the surplus was a record high of 27.05 billion U.S. dollars. Last year, China's trade surplus was 177.5 billion U.S. dollars.

 

The statistics indicate that the government's macro-economic control efforts have begun to pay off, said Zhang Yansheng, head of the research institute of foreign trade and economic cooperation under the National Development and Reform Commission.

 

China increased export duties for 142 commodities on June 1, including a 5- to 10-percent tariff on steel products. A month later, the government ended tax rebates for 553 export items and slashed incentives for 2,268 items. Meanwhile, the government encouraged imports of energy, resources and key parts.

 

The moves were intended to restrict exports of energy-consuming products or those causing serious pollution, as well as to balance imports and exports, Zhang said.

 

"Price rises also contributed to trade growth," said Mei Xiyu, an analyst with the research institute of the Ministry of Commerce.

 

According to the customs administration, the European Union, the United States and Japan were China's top three trade partners in the first 11 months.

 

Between January and November, China-E.U. trade was 322.75 billion U.S. dollars, up 27.3 percent, China-U.S. trade, 276.21 billion dollars, up 15.7 percent, and China-Japan trade, 213.83 billion U.S. dollars, up 14 percent.

 

The 11 months saw China export 634.06 billion U.S. dollars worth of machines and electronics, up 27.8 percent, and import 150 million tons of oil, up 12.5 percent and 46.68 million tons of coal, up 38.5 percent.

 

"It takes time for China to slow its sizzling exports," Zhang said.

 

"Since 2000, manufacturing has quickened the pace of its shift to China, with foreign investment concentrating on export-oriented businesses. The result was a boom in processing trade. Meanwhile, strong demand from neighboring emerging markets and the largely stable American economy also helped buoy China's foreign sales," Zhang added.

 

(Xinhua News Agency December 11, 2007)