China to become US third largest export market by year end
23/8/2007 15:31
China has been serving as the fastest growing export destination of the
United States for five consecutive years,Chinese Vice Minister of Commerce Gao
Hucheng said in Beijing today.
China is expected to overtake Japan as the
third largest export market of the United States at the end of this year or
early next year, he said.
China's foreign trade volume reached 1.17 trillion
US dollars in the first seven months of 2007, an increase of 24.4 percent over
the same period last year, according to customs sources.
The European Union
remained its largest partner with a trade value of US$190.1 billion, a growth of
28.5 percent over the same period of last year, followed by the United States
with US$167 billion, up 17.5 percent, and Japan with US$130 billion, up 15.2
percent.
Trade between China and the United States surged to US$262.7 billion
in 2006 from US$2.5 billion in 1979 with farm produces and machinery registering
fast growth, according to Gao.
China stood as the US ninth largest export
market in 2001 and the fourth one in 2005, while Canada served as US largest
export market in 2006, followed by Mexico and Japan.
By 2006, the United
States had set up more than 50,000 enterprises in China with investment totaling
more than US$54 billion while China had built more than 1,100 enterprises in the
United States with investment of nearly US$3 billion, Gao
said.
xinhua
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