China Reports US$1.03 Bn Trade Deficit in 1st Quarter of 2003

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Last updated at: (Beijing Time) Monday, April 14, 2003

China Reports US$1.03 Bn Trade Deficit in 1st Quarter of 2003

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In the first quarter of this year, China's total import/export value reached US$173.66 billion, up 42.4 percent over the same period of the previous year, with the average monthly import/export standing at US$57.886 billion, according to the latest customs statistics. Since the growth of import was higher than that of export by 18.9 percentage points, the nation has reported a trade deficit not seen in many years.

In the first quarter China exported goods worth US$86.32 billion, up 33.5 percent; imported goods worth US$87.34 billion, up 52.4 percent, with trade deficits reaching US$1.03 billion. Among the total trade value, the total import/export of ordinary trade was valued at US$78.09 billion, a 50 percent increase. Of which, exports ran to US$36.46 billion, up 35.3 percent; and imports to US$41.63 billion, a 65.8 percent rise, bringing ordinary trade deficits to US$5.17 billion.

Both import and export of processing trade showed a good momentum of rapid growth. The total import/export of processing trade amounted to US$79.8 billion, up 33.3 percent, including US$47.26 billion worth of exports, up 31.4 percent, and US$32.54 billion worth of imports, up 36.3 percent.

Customs statistics showed that in the first quarter, China's exports to the United States, Hong Kong, EU and Japan were US$17.66 billion, US$14.89 billion, US$14.14 billion, US$12.7 billion respectively, up 34 percent, 29.1 percent, 41.9 percent and 23.9 percent respectively. Meanwhile, import from other main trade partners, except UK and HK, all grew over 20 percent.

The rapid growth of imported dutiable goods has offset the impact of tariff cuts, and laid a tax fund foundation for the growth of customs revenue. The nation registered 82.639 billion yuan of tariffs and import taxes in the first quarter, 31.382 billion yuan more than that of the previous year, a growth of 61.22 percent.

By PD Online Staff Member Li Heng

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