China's import growth outpaces exports
( 2003-10-05 11:16) (Xinhua)
China's imports grew 40.6 percent year-on-year in the first eight months of
this year, 8.1 percentage points higher than the growth in exports, according to
statistics of the General Administration of Customs.
The total volume of imports stood at US$256.9 billion in the period, an
average of 32.1 billion for a month and a record 34.62 billion for August,
statistics show.
Major imports included machinery and electrical products, steel products,
crude, refined oil, soybeans, automotive products and iron ore.
In the first eight months, China imported crude valued at US$12.51 billion,
up 57.9 percent, refined oil at US$3.87 billion, up 85.4 percent, steel products
at US$13.21 billion, up 62.9 percent, and automotive products at a record
US$9.31 billion, up 94.7 percent, according to the statistics.
Sources from the Generial Administration of Customs attributed the increase
of China's imports to the rapid development of its economy, and the policy of
further opening up its market, expanding domestic demand, and cutting customs
duties following its entry into the WTO.
The trade surplus this year is expected to be lower than last year's US$30.3
billion, since China maintains a faster growth rate in imports than exports.
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