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Trade: China's trade deficit down with ASEAN

(Xinhua)
Updated: 2008-07-28 10:18

China's trade with ASEAN members amounted to $95.55 billion in the first five months of this year, a growth of 26.9 percent over the same period of last year, the General Administration of Customs said on Sunday.

The total included $50.27 billion in import value, up 22.3 percent, and $45.28 billion in export value, up 32.6 percent. The trade deficit went down $1.96 billion, or 28.2 percent, to $4.99 billion.

Trade deficit was mainly recorded in the new- and high-tech sector, which stood at $11.8 billion in such products, up 4.7 percent.

The five months saw an import of $25.01 billion worth of new- and high-tech products from ASEAN members, up 16.7 percent, and an export of $13.21 billion worth, up 30 percent.

China's top five trade partners in ASEAN were Malaysia, Singapore, Thailand, Indonesia and Philippine. The five accounted for $84.84 billion, or 88.8 percent, of the total China-ASEAN trade volume.

Most trade fell in the sectors of machinery and electronics. From January to May, The value of machines and electronics traded between China and ASEAN members increased by 27.4 percent to $54.7 billion, or 57.2 percent of the total.

In the first five months, China bought $2.39 billion worth of oil products from ASEAN members, up 80.3 percent, and $310 million worth of fruits, up 47.1 percent.