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Exports, imports fall again amid weak demand

(Xinhua)
Updated: 2009-01-13 14:18

China's exports and imports declined for a second consecutive month in December 2008, reflecting weakening external and domestic demand amid the financial crisis, customs officials said Tuesday.

Exports fell 2.8 percent year-on-year to $111.16 billion, while imports fell 21.3 percent to $72.18 billion, the General Administration of Customs (GAC) said.

The rates of decline for exports and imports accelerated from November.

Exports fell 2.2 percent year-on-year in November, the first monthly decline since June 2001. The prevous decline, a much smaller 0.6 percent, reflected slumping US demand after the tech bubble burst.

In December, exports fell 3.3 percent month-on-month, while imports fell 3.6 percent.

The trade surplus was $38.98 billion, down from November's record high of $40 billion.

Total trade for 2008 was $2.56 trillion, up 17.8 percent from 2007. The total included $1.43 trillion in exports, up 17.2 percent, and $1.13 trillion in imports, up 18.5 percent.

The full-year trade surplus was $295.46 billion, up 12.7 percent, the GAC said.

The European Union remained China's top trade partner last year, with bilateral trade of $425.58 billion, up 19.5 percent. The growth rate, however, was lower than the 27 percent increase in 2007.

Trade between China and the United States, the second-largest trade partner, rose 10.5 percent to $333.74 billion. Japan remained China's third-largest trade partner, with bilateral trade of $266.79 billion, up 13 percent.