China's foreign trade witnessed a robust recovery at the start of this year, topping $386.40 billion in the first two months, up 44.8 percent year-on-year, according to statistics released by the General Administration of Customs (GAC) on March 10.
China's exports in the two month period expanded 31.4 percent on an annual basis to $204.08 billion while imports surged 63.6 percent year-on-year to $182.32 billion, according to the GAC.
However, China's trade surplus over the first two months sank by 50.4 percent year-on-year to $21.76 billion thanks to Beijing's efforts to balance its foreign trade by encouraging imports and stabilizing exports.
Rising commodities prices such as iron ore and soybean also helped to lift imports in the period under survey, according to the GAC report.
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With bilateral trade of $65.53 billion, the European Union ranked as China's largest trading partner during the two-month period, followed by United States.
Meanwhile, thanks to the China-ASEAN Free Trade Area agreement, effective from January 1 this year, ASEAN member countries replaced Japan as China's third largest trade partner in the first two months of the year, according to GAC..(Edited by EnergyChinaFroum.com. For more information, please email to: info@energychinaforum.com)
(Interfax,Mar 11,2010)
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