Trade surplus drops 35% to $22.9 billion in five months

13:01, June 10, 2011      

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China's foreign trade was on a continuous gain in the first five months this year, although trade surplus dwindled by more than 35 percent year-on-year, the Administration of Customs said on Friday.

Total trade volume reached $1.4 trillion dollars from January to May, rising 27.4 percent. Of them, exports amounted to $712 billion, while imports rose to $689 billion. Foreign trade surplus was put at $22.97 billion, declining 35.1 percent.

The surplus for May was $13.05 billion, continuing a recovery pattern after a trade deficit in the first couple of months 2011.

Officials from the Commerce Ministry and trade analysts have predicted that China's trade surplus for the whole year could drop to merely $100 to $120 billion, from nearly $190 billion last year, as the country has encouraged imports to meet the demands of an increasingly affluent population.

In the first five months, imports of foreign-made luxury cars increased to 388,000 vehicles, rising 21.8 percent over the same period last year.

By People's Daily Online
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