BIZCHINA / Center |
China's trade deficit in farm produce down substantially(Xinhua)Updated: 2007-02-15 14:04 China's trade deficit in farm produce in 2006 stood at US$670 million, a decrease of 41.3 percent from the 2005 level of US$1.14 billion, sources with the Ministry of Agriculture said on Thursday. Industry observers believe the deficit reduction was due largely to growth in China's trade surplus in agricultural products with comparative advantage, particularly labor-intensive products. According to the ministry, China's external trade in farm produce amounted to US$63.48 billion last year, up 12.8 percent over the previous year. The total included US$31.4 billion in export value, up 13.9 percent, and US$32.1 billion in import value, up 11.7 percent. The sources said last year China exported US$9.36 billion worth of aquatic products, up 18.7 percent, and imported US$4.3 billion worth, up 4.4 percent, with the trade surplus up 34.3 percent to US$5.06 billion. The nation's vegetable export volume went up 21 percent to US$5.42 billion, and the import volume, up 11.7 percent to US$90 million, with the trade surplus at US$5.33 billion. Meanwhile, the fruit export value increased by 21.7 percent to US$2.47 billion, and the import value rose 15.3 percent to US$760 million, with the trade surplus at 17.1 percent. The sources said that upon its World Trade Organization accession, China has become the world's fifth largest exporter and the fourth largest importer of farm produce. (For more biz stories, please visit Industry Updates)
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