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Beijing reports slowdown in foreign trade growth

(Xinhua)
Updated: 2008-12-14 17:23

Impacts of the global financial meltdown are becoming apparent in Beijing's foreign trade sector.

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The growth rate of imports and exports in Beijing has been declining for six months. For instance, the year-on-year rise in May was 73.1 percent, but in October, the increase was only 45.6 percent, said a document posted on the Beijing District Custom's website.

Beijing's imports were mainly crude and processed oils, iron ores, automobiles and farm produce. Its exports were high-tech products such as cell phones, garments, steel products and coke.

Beijing Customs advised departments to establish a precautionary mechanism within industries to minimize the declining growth rate. Specifics were not released.

It's website showed Beijing's imports and exports totaled $237.3 billion in the January-October period, up 54.4 percent year on year.

Exports made up $47.9 billion, up 21.8 percent, while imports were $189.4 billion, a rise of 65.6 percent.

The European Union remained Beijing's No.1 foreign trade partner in terms of trade volume in the first 10 months of the year. It was followed by Saudi Arabia, Angola, Japan, ASEAN and the United States.