China back to trade surplus (Lead)April 10th, 2012 - 2:43 pm ICT by IANS
Beijing, April 10 (IANS) China swung back to trade surplus in March from February’s deficit of $31.48 billion, posting a $670 million trade surplus in the first quarter, authorities said Tuesday.
The country’s foreign trade in March rose 7.1 percent year-on-year to reach $325.97 billion, with a trade surplus of $5.35 billion, the General Administration of Customs (GAC) said.
Exports amounted to $165.66 billion in March, up 8.9 percent year-on-year, while imports reached $160.31 billion, reported Xinhua citing GAC data.
For the first quarter, China’s imports and exports expanded 7.3 percent from a year ago to reach $859.37 billion, with its foreign trade with major trading partners growing in single-digits, according to the GAC.
Despite the lingering debt crisis, the European Union remained China’s largest trading partner in the first quarter, but China-EU bilateral trade growth slowed to 2.6 percent year-on-year to reach $126.87 billion.
In the first three months, China’s trade with the US — its second-largest trade partner — increased 9.3 percent year-on-year to $106.77 billion, according to the customs data.
The 10-member Association of Southeast Asian Nations (ASEAN) held its position as China’s third-largest trade partner, with China-ASEAN bilateral trade amounting to $86.78 billion, up 9.2 percent year-on-year.
Japan, which is still struggling to recover from last year’s devastating tsunami and massive earthquake, posted a year-on-year decline of 1.6 percent in bilateral trade with China in the first quarter, or $79.44 billion.
However, China’s trade with Russia, which joined the World Trade Organization this year, showed a rapid growth of 33 percent year-on-year to hit $21.49 billion.
Meanwhile, China’s trade with Brazil, a major exporter of iron ore and other raw materials, gained 11.5 percent from the previous year to hit $18 billion in the first quarter.
During the January-March period of 2011, China reported its first quarterly trade deficit in seven years.
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Tags: asean, association of southeast asian nations, bilateral trade, debt crisis, devastating tsunami, first quarter, first three months, gac data, general administration, imports and exports, iron ore, major trading partners, massive earthquake, member association, rapid growth, raw materials, southeast asian nations, trade partner, world trade organization, xinhua