October Exports still See Growth but Lower Step      

The total import and export value was US$221.42 billion in October 2008, a year-on-year increase of 17.6%. The export value reached US$128.33 billion, up 19.2% year-on-year but down from the 21.5% growth for September, and the import value was US$93.09 billion, up 15.6%. The monthly trade surplus was US$35.24 billion this October, according to the General Administration of Customs of China announced on November 12th, 2008.
   October exports also see a double-digit growth and are still quite healthy considering the macro economic environment. But experts estimate that export growth may drop further in the coming months as the financial crisis has spread to the wider economy, and from developed countries to emerging economies.
   In the past ten months of 2008, China's foreign trade amounted to US$2.19 trillion, a year-on-year increase of 24.4%, in which the export value increased 21.9% to US$1202 billion while the import value was up 27.6% to US$986.34 billion. The total trade surplus was US$215.99 billion, a year-on-year net increase of US$3.624 billion.
   In the first ten months of 2008, the trade by general trade mode rose 35.1% to US$1 058 billion, of which US$557.81 billion is for exports, up 26.9% year-on-year; US$500.5 billion is for imports, up 45.6%, lifting 19.8 percentage points from the same period of 2007. The trade by mode of processing with supplied materials was US$899.25 billion, up 12.9% year-on-year, of which US$570.91 billion for exports, up 14.8% and US$328.34 billion for imports, up 9.9% year-on-year.
   The European Union continued to be China's largest trade partner in the first ten months of 2008, with bilateral trade of US$359.37 billion, up 25% year-on-year. The USA ranked the second with bilateral trade of US$281.32 billion, up 13.6%, lowering 3.1 percentage points from the same period of 2007. Of which exports to the USA rose only 11.4% to be US$212.76 billion while imports from the USA increased by 21.1%, being US$68.56 billion. The third was Japan with bilateral trade of US$225.86 billion, up 17.7%. Of which exports to Japan were US$96.12 billion, up 16.2% year-on-year while imports from Japan increased by 18.8%, being US$129.74 billion. The bilateral trade between China and India was US$45.52 billion, up 49.5%. Exports to the emerging markets saw a growth hike, to India grew 39.8%, and to Brazil at 86.8% growth.
   The export value of mechanical and electric products was up 23.2% to US$693.14 billion in the previous ten months of 2008. But exports of traditional products like garments and accessories increased only 2.8% year-on-year.
   China exported 300 thousand tons of crude oil and 1.46 million tons of oil products this October. China exported 3.1 million tons of crude oil and 13.76 million tons of oil products in the first ten months of 2008, down 15.8% and up 6.0% respectively.
   Import value of primary products continues to go up, being US$322.28 billion in the first ten months of 2008, up 66.3%. China imported 380 million tons of iron ore in the previous ten months, up 20.2%; and imported 340 thousand units of automobile, up 39.8%.
   China imported 16.16 million tons of crude oil and 2.02 million tons of oil products this October, and totally imported 151.15 million tons of crude oil and 33.28 million tons of oil products in the first ten months of 2008, up 10.6% and 14.8% respectively.
   Foreign direct investment (FDI) in China climbed annually 35% to US$81.1 billion in the first ten months. FDI in October was US$6.7 billion, slightly up from US$6.6 billion this September. The number of newly formed foreign-funded firms in China was 22 736 over the 10-month period. Analysts comment China remains an interested destination by foreign investors, but the FDI may shrink in next months as the downturn global economy will makes investors more caution.