Trade volume between China and Latin America could exceed US$25 billion in 2003, setting a new record, China's General Administration of Customs (GAC) said in Beijing Wednesday.  

GAC statistics showed that Sino-Latin American trade volume reached US$24.28 billion during the first 11 months of 2003, a year-on-year increase of 49.2 percent.

"It sets a new record in Sino-Latin American trade history," said Xu Yingzhen, an official with the Ministry of Commerce.

China's foreign trade with Brazil, Mexico, Chile and Argentina accounted for 73 percent of the total volume, each exceeding US$1 billion. Sino-Argentine trade increased by 123.8 percent, hitting US$2.89 billion.

Xu said China's exports to the continent had developed rapidly, especially in mechanical and electronic products with high added value.

Meanwhile, imports of raw materials, such as soybeans and iron ore, increased sharply.

"The revival of the Latin American economy helped boost Sino-Latin American trade," Xu said. 

(Xinhua News Agency January 8, 2004)