General Situation
In 2005, China's foreign trade continued to maintain a fast growth. The import and export value reached 1.4221 trillion US dollars, rising 23.2 percent over the previous year; the export value was 762 billion US dollars, rising 28.4 percent; the import value was 660.1 US billion dollars, increasing 17.6 percent. The favorable balance in the foreign trade was 101.9 billion US dollars. The contribute rate of foreign trade to national economic growth was 17.9 percent. The tax revenues on imports and exports were 527.8 billion yuan and the tax rebates were 337.2 billion yuan. At the end of the year, China's foreign exchange reserve stood at 818.9 billion dollars.
General Trade and Processing Trade
In 2005, the import and export value of general trade was 594.8 billion US dollars, rising 20.9 percent; the import value was 279.7 billion US dollars rising 12.7 percent. The import and export value of processing trade was 690.5 billion US dollars, increasing 25.6 percent; the export value was 416.5 billion US dollars, rising 27 percent; the import value was 274 billion US dollars, rising 23.6 percent.
Import and Exports of Different Enterprises
In 2005, the imports and exports of private enterprises experienced a strong growth. The import and export value was 224.2 billion US dollars, rising 38.8 percent. The export value rose 47. 1 percent and the import value increased 24.8 percent. The import and export value of foreign-fund enterprises was 831.7 billion US dollars, accounting for 58.5 percent of China's total value of import and export and rising 25.4 percent. Of the growth, the export value grew 31.2 percent. The import and export value of the state-owned enterprises was 366 billion US dollars, rising 10.9 percent. In 2005, the proportions of the import and export value of private enterprises and foreign-funded enterprises to China's total increased, but the proportion of the import and export value of the state-owned enterprises dropped.
Structure of Import and Export Commodities
The structure of import and export commodities was further optimized. The proportion of the exports of the high-tech commodities was growing while the import of preliminary products saw fast growth. In 2005, the exports of machinery and electric products and high-tech products rose 32 and 31.8 percent respectively, accounting for 56 and 28.6 percent respectively, increasing 11 percent points over 2001. The exports of products of high-energy consumption, high population and resources declined obviously. The export growth of rolled steel and steel billet dropped 60 percent and 290 percentage points respectively. The textile and garment exports rose 32.8, 26.0 and 17.2 percent respectively. The imports of coal, copper ore, iron ore, soybean and cotton rose 40.6, 40.9, 32.3, 31.4 and 34.9 percent respectively.
Exports to Major Trade Partners
The European Union remains China's largest trade partner. In 2005, China's export value to the European Union was 143.7 billion US dollars, rising 34.1 percent; its import value from the EU was 73.6 billion dollars, rising 5 percent. China's export value to the United States was 162.9 billion US dollars, increasing 30.4 percent; the import value was 48.73 billion dollars. China's export value to Japan was 84 billion US dollars, rising 14.3 percent; the import value was 100.5 billion US dollars, rising 6.4 percent. The proportion of China's foreign trade to the emerging markets to the total rose 18.7 percent. Of the growth, China's trade with Africa and Latin America rose 2.8 percent and 3.6 percent respectively. (Source: China Yearbook 2006) |
