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Weekly UpdatesChina's foreign trade fell 25.9% from the prior year to US$164.13 billion this May, the General Administration of Customs of China released on June 11th.
Exports in May shrank 26.4% from a year ago to US$88.76 billion, while imports sank 25.2% year-on-year to US$75.37 billion. The trade surplus for May was US$13.39 billion, compared with US$13.24 billion this April and US$18.56 billion this March.
The aggregate foreign trade for the first five months of 2009 dropped 24.7% to US$763. 49 billion, of which US$426.14 billion for exports, down 21.8% year on year and US$337.35 billion for imports, down 28%, according to the customs' reports.
"Though the May foreign trade decline is wider than that in April, the fall in trade would ease over next two to three months given a confident recovery of the US and European economies and the domestic economy stimulus package," analysts expressed.
European Union, the US, Japan and the ASEAN continued to be China's top four trading partners in the first five months of 2009, but bilateral trade with the regions fell 22.1%, 17.1%, 24.6% and 25.9% respectively, to US$129.26 billion, US$108. 25 billion, US$80.37 billion and US$70.84 billion. The bilateral trade between Chinese mainland and Hong Kong region was US$59. 59 billion, sharply down 25.9% year on year, and that between China and India was US$16.44 billion, vertically down 31.9%.
Exports of labor-intensive products, including garments, furniture, bags and shoes, saw a modest drop in the past five months, compared with 21.8% at an overall level for exports. The exports of plastic products during January to May fell 6.4% year on year to US$5.44 billion. However, exports of mechanical and electric products declined 21. 9% from a year ago to US$250.53 billion.
Imports of chemicals and their related products amounted to US$39.13 billion in the first five months of 2009, down 21.7% from a year earlier. And the state imported 116 000 vehicles of automobiles, sharply down 32%.
In May China exported 470 000 tons of crude oil and 1.71 million tons of oil products respectively. Meanwhile, China imported 17.09 million tons of crude oil and 3. 34 million tons of oil products.
FEED