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Article featured in Business Beijing, August 2005
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First-half Foreign Trade Jumps 34 Percent

2005/08/14

Imports and exports were valued at US$57.93 billion (469.81 billion yuan) during the first half of this year, jumping 34.1 percent year-on-year, Yahoo News reported. Imports rose to US$43.75 billion (354.81 billion yuan), while exports hit US$14.18 billion (115 billion yuan). 

The active import and export of high-tech products, especially fast-growing exports, is the main growth engine of Beijing Municipality's foreign trade, according to a Beijing Customs report.

Imports and exports of high-tech products accounted for 45.6 percent and 49.6 percent of the municipality's total imports and exports.

Asia continued to be the largest trade partner of Beijing Municipality, with imports and exports accounting for 55 percent of Beijing's total. Japan's contribution to the total increased by 28.6 percent, the Republic of Korea by 44.6 percent, the United States by 31.4 percent and ASEAN by 50.7 percent.

Foreign-funded enterprises still topped import and export trade activity with the municipality, with US$6.21 billion (50.36 billion yuan) of imports and US$4.85 billion (39.33 billion yuan) of exports in the first half year, both accounting for more than 60 percent of the municipality's total imports and exports for the same period. Import on behalf of the municipality's State-owned enterprises amounted to US$3 billion (24.33 billion yuan), up 15 percent, and exports, to US$1.85 billion (15 billion yuan), up 59.1 percent.

General trade is the main trade form. The municipality imported US$6.63 billion (53.77 billion yuan) worth of products via general trade in the first half, an increase of 19.5 percent or 66.8 percent of its total imports; it exported US$3.96 billion (32.12 billion yuan) of products, 55 percent of its total exports, through the processing trade.



 
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