January imports surging 51%, trade surplus trims

13:25, February 14, 2011      

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China’s imports in January soared from a year earlier, while exports grew by a slightly softer rate, helping narrow the monthly trade surplus to US$6.45, the website of the State Customs Administration said on Monday.

Imports surged more than 51 percent year-on-year, reaching US$144.28 billion, while export shipments rose by 37.7 percent to hit US$150.73 billion, which enabled a monthly trade surplus of US$6.45, declining 53.5 percent year-on-year.

The amounting of imports in January was attributed to a rush of buying spree by Chinese families to prepare for their traditional Spring Festival, which ended last week. Like Christmas shopping spree in the West, the 7-day Spring Festival holidays are the most important festival for the Chinese.

Among the major items imported last month include iron ore, beans, electronics and equipment, the administration said. Imports of cars, from Germany, Japan, the United States, Italy, South Korea and other countries, reached 81,000 vehicles, rising more than 45 percent year-on-year, a verification that China has become one of the world’s major luxury car user.

Prices of imported goods also jumped. The average price of imported iron ore was more than US$151 per ton, rising 66 percent year-on-year, while bean prices rose 20.4 percent.

The European Union countries continued to be China’s largest trade partner with their two-way trade volume reached US$45.97 billion, followed by the United States, the Asean countries and Japan. China’s trade with India rose 44 percent in January to reach US$6.66 billion, and its trade with Brazil jumped 74.8 percent to hit US$5.99 billion in January.

People’s Daily Online
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