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China's Foreign Trade Hits 11-Month Low in January
Feb 23,2012 17:20CST
industry news
According to China Customs, foreign trade amounted to USD 272.6 billion in January, down 7.8% YoY.

SHANGHAI, Feb. 22 (SMM) -- According to China Customs, foreign trade amounted to USD 272.6 billion in January, down 7.8% YoY. Exports were USD 149.94 billion, down 0.5% YoY, while imports were USD 122.66 billion, down 15.3% YoY, yielding a trade surplus of USD 27.28 billion.

As the Chinese New Year holiday fell in January this year and only 17 working days were left in January, trade data was greatly affected by the holiday factor. China’s foreign trade, imports and exports in January grew by 6.2%, 10.3% and 1.5% YoY, respectively, after removing the holiday factor.

According to China Customs, China’s imports and exports in general trade totaled USD 151.53 billion during January, down 5.4%, 2.4 percentage points lower than the decline rate of China’s total imports and exports. Of which, the export value was USD 76.77 billion, up 2.6%, while the import value was USD 74.76 billion, down 12.5%. China’s imports and exports in processing trade totaled USD 92.76 billion, down 9.8%. Of which, the export value was USD 62.64 billion, down 4%, while the import value was USD 30.12 billion, down 19.9%.

In January, China’s bilateral trade with European countries totaled USD 42.68 billion, down 7.1%; bilateral trade with US amounted to USD 35.46 billion, down 3.9%; bilateral trade with ASEAN nations totaled USD 25.89 billion, down 10.6%; and bilateral trade with Japan amounted to USD 22.73 billion, down 18.4%.

China’s bilateral trade with Russia, Brazil and other emerging countries increased in January, and bilateral trade with Russia totaled USD 7.16 billion, up 26.8%, while bilateral trade with Brazil was USD 6.34 billion, up 5.7%.

In January, foreign trade in Guangdong totaled USD 61.81 billion, down 16.7%. Foreign trade in Jiangsu, Shanghai and Beijing was USD 38.05 billion, USD 31.76 billion and USD 31.75 billion, down 12.8%, 9.7% and 1.7%, respectively. In addition, foreign trade in Zhejiang and Shandong was USD 26.44 billion and USD 18.41 billion, down 2.6% and 9%, respectively. Foreign trade in Fujian totaled USD 12.16 billion, up 6.1%.

Exports in Guangdong totaled USD 39.05 billion during January, down 9.2%. Exports in Jiangsu, Shandong and Beijing were USD 23.49 billion, USD 10.31 billion and USD 4.26 billion in January, down 3.9%, 3.2% and 2.4%, respectively. In addition, exports in Zhejiang, Shanghai and Fujian were USD 20.03 billion, USD 16.65 billion and USD 7.87 billion during January, up 4.1%, 1.3% and 3.7%, respectively. Exports in West and Central China grew rapidly, with exports in Chongqing, Henan, Guizhou and Jiangxi rising by 110%, 110%, 19.6% and 23.5%, respectively.

As for export commodities, China’s exports of machinery and electrical products totaled USD 84.64 billion during January, up 0.1% and accounting for 56.4% of China’s total exports. Of which, exports of electrical and electronics products were USD 33.21 billion, down 3.5%, while exports of machinery equipment were USD 27.15 billion, up 3.5%. Exports of traditional commodities were stable. Of which, apparel exports were USD 13.84 billion, up 3.5%; textile exports were USD 7.68 billion, down 6.8%; footwear exports were USD 4.06 billion, down 1.3%; furniture exports were USD 3.51 billion, down 2%; exports of plastic products were USD 1.96 billion, up 5.4%; exports of luggage & bags were USD 1.77 billion, down 7%; and toy exports were USD 820 million, up 4%. Exports of above-mentioned seven kinds of traditional labor-intensive goods accounted for 22.4% of China’s total exports in January.

As for import commodities, China’s imports of primary products were USD 48.79 billion during January, down 0.4%. Of which, imports of iron ore were 59.32 million mt, down 13.9%, with average import prices at USD 136.5/mt, down 10.9%, while soybean imports were 4.61 million mt, down 10.2%, with average import prices at USD 525.8/mt, down 5.8%. In addition, imports of machinery and electrical products were USD 48.26 billion, down 22.3%, with imports of automobile at 83,000 vehicles, up 1.9%.

For queries, please contact Frank LIU at liuxiaolei@smm.cn

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