According to customs statistics, total trade value of the China reached US $570.38 billion in the first quarter of 2008, experiencing a substantial gowth of 24.6 percent from the same period last year.
The exports fetched nearly $305.9 billion, rising by 21.4 percent, observing a fall of 6.4 percentage points than Q1 of last year.
On the other hand, the country imported goods worth almost $264.48 billion, soaring 28.6 percent, making it 9.4 percentage points higher when compared to same period of 2007.
The accumulated trade surplus registered a year-on-year decline of 10.6 percent by reaching merely $41.42 billion, a net decrease of $5.02 billion.
During this period, EU turned out to be biggest trade partner of the nation. The Sino-Eu bilateral trade value reached nearly $93.92 billion, a rise of 24.7 percent from the same time last year.
Affected by subprime loan crisis in US and a recent appreciation in RMB the pace of exprots from China to the United States witnessed a decrease. However, the country still acquired second position, with Sino-US two way trade volume witnessing a boost of 10.5 percent by reaching $73.67 billion approximately.
Japan gained third place, as bilateral trade value accounted for almost $60.49 billion, experiencing a growth of 14.4 percent.
In addition, total trade value of China with The Association of Southeast Asian Nations (ASEAN), fetched nearly $54.4 billion in Q1, increasing by 26.2 percent, making it fourth largest trading partner.
The Sino-Indian trade value grew by 61 percent, by reaching approximately $13.23 billion, making India first among top 10 trading partners within ASEAN association.
Fibre2fashion News Desk - China
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