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Sino-Japan Trade Volume Sets New Record High
The trade volume between China and Japan hit a record of US$85.78 billion, a sharp rise of 29.5 percent over 1999, and for the first time Japanese foreign trade with China came to 10 percent of its total volume, according to the statistics announced by the Japan External Trade Organization on February 8.
As shown in the statistics, last year saw Japan's export to China come to US$30.44 billion, a rise of 30.4 percent over 1999, and its import from China US$55.34 billion, an increase by 29.1 percent, both telling a new record in history. And for the first time too Japan's trade deficit with China reached US$24.9 billion in the meanwhile.
The booming trade volume can be told in the following two factors. One is the explosive development of Chinese information technology market. The overall growth of manufacturing, consumption and export of mobile phones and PC have helped promote Japan's export of electronic parts and raw materials to China and the import of finished products of electronics from China. And on the other hand, the successful operation of enterprises consigned by small Japanese garment retailers has stimulated the domestic consumption of clothes in Japan.
According to the paper "Sino-Japan Trade in 2000", following China's entry into the WTO and the increase of foreign investment in China's IT industry the trade between the two countries will keep on rising in 2001. This year will see a new record of the bilateral trade to reach 100 billion US dollars.
By PD Online staff member Deng Gang
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