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Last updated at: (Beijing Time) Thursday, April 24, 2003

China's Goods Trade Volume Ranks Fifth in the World

The gross value of China's import and export trade of goods, in terms of volume of trade, has increased more than 20 percent in the year 2002, and thereby China has replaced the UK and ranked fifth in the international trade, only after the United States, Germany, Japan and France.


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The World Trade Organization (WTO) issued its report on international trade in Geneva on April 23. According to this report, the gross value of China's import and export trade of goods in terms of volume of trade increased more than 20 percent in the year of 2002, and thereby China has replaced the UK and ranked fifth in the international trade, only after the United States, Germany, Japan and France.

The report indicates that the quantity of international goods trade saw a 2.5 percent increase in 2002, and reversed the dropping tide in 2001; the growth in different regions were unbalanced, and the main reason for the resurgence of international trade in 2002 was the strong demand form the United States, east Asia and transition economic bodies; the growth of trade in many regions was slow, including Latin America and west Europe.

The import and export goods trade of the developing counties and regions in Asia increased 12.5 percent in terms of quantity, and the trade quantity in this area also saw an increasing of two-figure number.

In addition, the report indicates that the trade growth of transition economic bodies, including Russia and middle and east Europe countries, was rapid in 2002, and the goods trade saw a 10 percent increase, which benefited form their strong domestic demand and the direct increase of foreign investment.

The import trade of USA increased 3 percent, while its export dropped 4 percent due to the nonproductive outlay and the expanding fiscal policy. The reduced demand of its main trade partners such as countries in west Europe and Latin America and Japan, as well as the lack of competitiveness of products made in USA, was the main reason for the decrease of its export trade. The foreign trade of West Europe was stagnant, export up 0.6 percent while import down 0.5 percent. In Latin America, as the economic crisis or depression in Argentina, Venezuela and Brazil, although the goods export increased about 2 percent in 2002, the import decreased over 5 percent.

By People's Daily Online


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