China's Trade Surplus to Reach $150 Billion in 2006
Nov. 15, 2006 - China’s trade surplus is expected to total US$150 billion this year, another big increase from last year’s record of US$109.8 billion, the Ministry of Commerce (MOC) revealed last week.
This is the result of an estimated 24.5% growth of the country’s foreign trade in 2006 on a year-on-year basis.
In 2006, the total value of China’s foreign trade is expected to reach US$1.77 trillion, of which exports this year are expected to grow 26% at US$960 billion, while imports are expected to gain 22% reaching US$810 billion.
Dramatic increases were seen in the exports of machinery and electric products and high-tech products during the past months.
Imports of primary products grew quickly this year as a result of robust domestic demand and high prices in the international markets, according to a joint study by MOC and the Chinese Academy of International Trade & Economic Cooperation.
While the trade surplus continues, China’s foreign trade growth may slowdown in 2007, increasing by about 15% to US$2 trillion, the report predicted.
SOURCE: China Paper Online