China's trade value soars 45.7pc in February

THE latest statistics from the China Customs shows the country's export value increased 45.7 per cent year on year in February to US$94.5 billion while import value went up 44.7 per cent to $86.9 billion, Logistics Week reported.

Compared to February 2008 with the impact of Chinese New Year Holiday and prior to the economic crisis, the trade value in this month increased nine per cent, with exports up 8.2 per cent and imports increasing 9.8 per cent.

During the first two months of the year, China's trade value totalled to $386.4 billion, up 44.8 per cent year on year. Export value up 31.4 per cent to 204.1 billion. Import value rocketed 63.6 per cent to 182.3 billion. Trade surplus fell 50.4 per cent to $21.8 billion.

From January to February, bilateral trade between China and Europe grew 34.5 per cent to $65.5 billion, while trade with US increased 25.1 per cent to $49.3 billion.

The establishment of China-ASEAN Free Trade Zone has boosted trade between the two places. In the first two months, bilateral trade between China and ASEAN surged 66 per cent to $39.1 billion. Exports to ASEAN rose 52.9 per cent to $18.7 billion. Imports from ASEAN jumped 80.2 per cent to $20.4 billion. Trade deficit was $1.7 billion, compared to a trade surplus of $890 million in the same period in 2009.

(Source: Sea Trade Asia)