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Foreign Trade Volume Reaches Record High

Electronic and machinery products became the major foreign currency earners in south China's Guangdong Province during the first eight months of the year.

Guangdong's export volume from electronic and machinery products grew 32.2 per cent to hit US$77.29 billion between January and August, representing 66.6 per cent of the province's total export volume, statistics from Guangdong Customs revealed on Friday.

Other major foreign currency earners included textile and garment manufacturing, furniture and associated parts, toys, plastics and agricultural products. They reached an export volume of US$11.43 billion, US$2.82 billion, US$2.63 billion, US$2.54 billion and US$ 1.41 billion respectively.

The sustained export growth in electronic and machinery products has helped Guangdong, the country's biggest foreign trader, reach a total foreign trade volume of US$220.86 billion in the first eight months of this year.

The figure, a record high in Guangdong's foreign trade history, represents an increase of 27.9 per cent on the same period last year and 30.6 per cent of the country's total.

Guangdong's exports grew year-on-year 26.7 per cent to US$115.98 billion, while imports increased even faster at 29.2 per cent to hit US$104.88 billion between January and August.

The province had a foreign trade surplus of US$11.1 billion in the eight months ending August, up US$620 million on the corresponding months last year.

In August alone, Guangdong's foreign trade volume reached US$31.16 billion, a record high in a single month in the province's history, and up 29.3 per cent on the corresponding month last year.

Guangdong's exports stood at US$17.27 billion last month, up 33 per cent on the same month last year.

Wu Sihai, an official from Guangdong Customs, said on Friday foreign trade performance in the first eight months would certainly help the province achieve its annual foreign trade goals for the whole year.

The southern Chinese province is aiming for a total foreign trade volume of more than US$300 billion this year, while its annual export target has been set at US$165 billion.

Wu believes Guangdong's foreign trade will continue to enjoy rapid growth during the remaining months of this year.

Exports from general trade increased 33.5 per cent to hit US$23.38 billion in the first eight months, while exports from the processing industry reached US$87.82 billion, up 24.2 per cent.

Non-State sectors have continued to play a greater part in Guangdong's foreign trade industry during 2004.

Exports from foreign-funded companies and joint ventures reached US$72.97 billion between January and August, up year-on-year 29.9 per cent.

(China Daily September 18, 2004)


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