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China's Ministry of Commerce (MOC) said Monday the country's foreign trade in the first ten months rose 24.1 percent year-on-year to hit US$1.425 trillion, surpassing the volume for the whole of 2005.

 

MOC figures show the value of export and import increase 26.8 percent and 20.9 percent to US$779.29 and US$645.66 billion respectively, leaving a trade surplus of US$133.63 billion.

 

Previous MOC reports forecast a 2006 trade surplus of more than US$150 billion, a record.

 

The report noted the difference in the growth rate for imports and exports had narrowed this year.

 

Customs figures show October's trade volume reached US$152.43 billion, an increase of 22.9 percent. The monthly surplus of US$23.8 billion is the fifth new monthly record this year.

 

Export of electronic and machinery goods jumped a remarkable 29.7 percent to US$439.71 billion in the ten months ending October, making up 56.4 percent of total exports.

 

Shoe exports surged 15.7 percent to US$18.11 billion despite the EU's anti-dumping measures.

 

Exports of crude and refined oil declined sharply as domestic demand rose, sliding 12.5 and 17.6 percent to 5.09 and 9.99 million tons respectively.

 

Among imports, automobiles burned up the tarmac with a 40.2 percent expansion, the fastest for any category.

 

Manufactured goods account for 76 percent of total imports, surging 18.6 percent to US$490.45 billion.

 

MOC said total trade volume is expected to jump 20 percent to hit US$1.7 trillion by the end of the year, with exports reaching US$960 billion and imports US$hitting 810 billion.

 

(Xinhua News Agency November 14, 2006)