Beijing Reports Slowdown in Foreign Trade Growth

Monday,December 15,2008

From:Xinhua

Ministry of Commerce Website

 

Impacts of the global financial meltdown are becoming apparent in the foreign trade sector of China's national capital, Beijing.

The growth rate of imports and exports in Beijing has been declining for six months. For instance, the year-on-year rise in May was 73.1 percent, but in October, the increase was only 45.6 percent, said a document posted on the Beijing District Custom's website.

Beijing's imports were mainly crude and processed oils, iron ores, automobiles and farm produce. Its exports were high-tech products such as cell phones, garments, steel products and coke.

Beijing Customs advised departments to establish a precautionary mechanism within industries to minimize the declining growth rate. Specifics were not released.

It's website showed Beijing's imports and exports totaled 237.3 billion U.S. dollars in the January-October period, up 54.4 percent year on year.

Exports made up 47.9 billion U.S. dollars, up 21.8 percent, while imports were 189.4 billion U.S. dollars, a rise of 65.6 percent.

The European Union remained Beijing's No.1 foreign trade partner in terms of foreign trade volume in the first 10 months of the year. It was followed by Saudi Arabia, Angola, Japan, ASEAN and the United States.