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China's foreign trade plunges for 7th consecutive month

Published: 12 Jun 2009 00:32:57 PST

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Jun. 12, 2009 (China Knowledge) - China's exports and imports dropped for the seventh consecutive month in May due to the ongoing global economic recession, the General Administration of Customs (GAC) said Thursday.

The total value of foreign trade amounted to US$164.13 billion in May, representing a year-on-year decline of 25.9% or a month-on-month decline of 3.9%.

Exports dropped 26.4% from a year earlier to US$88.76 billion in May, while imports declined 25.2% to US$75.37 billion. After seasonal adjustment, the exports and imports increased 0.2% and 4.4% month on month, respectively.

The trade surplus stood at US$13.39 billion in May.

The total value of foreign trade with the E.U. declined 22.1% to US$26.84 billion in May, while trade with the U.S. declined 17.1% to US$22.44 billion, and trade with Japan declined 24.6% to US$15.88 billion.

The further decline of foreign trade is a result of waning global demand, growing trade protectionism and a severe real economy, said Zhang Yansheng, director of the Institute of Foreign Trade of the National Development and Reform Commission.

In the first five months of this year, the total value of foreign trade declined 24.7% year on year to US$763.49 billion. Exports were down 21.8% year on year, reaching US$426.14 billion, while imports amounted to US$337.35 billion, down 28% compared with a year ago.

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