China's foreign trade volume registered a total value of US$500.26 billion during the first 10 months of this year, a rise of 19.7 per cent from a year earlier.

According to customs statistics, China achieved a trade surplus of US$24.74 billion from January to October.

During the period, exports reached US$262.5 billion, up 20.6 per cent over the same period last year, while imports totalled US$237.76 billion, up 18.7 per cent.

"A major reason for the rapid growth rate of exports is the improved competitiveness of Chinese products," said Long Guoqiang, a senior researcher from the development research centre under the State Council.

In recent years, foreign firms have shifted their manufacturing bases to China, which has helped improve the domestic manufacturing capacity and product quality in electronics and machinery.

The customs statistics show that exports of machinery and electronics during the first 10 months of the year, accounting for 47.8 per cent of the country's total exports, totalled US$125.57 billion - an increase of 30.4 per cent from a year earlier.

The increasing participation of foreign firms also contributed to the increase of the country's processing trade, Long said.

The total processing trade volume was US$244.51 billion, 24.1 per cent more than the same period last year.

From January to October, foreign invested firms, with an export and import volume of US$264.2 billion, contributed to 52.8 per cent of the country's foreign trade.

"Another reason for the rapid growth in foreign trade is that more enterprises, including private ones, enjoy foreign trade rights after China entered the World Trade Organization last December," Long said.

Private enterprises also maintained rapid growth in foreign trade from January to October.

Exports and imports at these firms totalled US$41.95 billion, an increase of 55.8 per cent from the same period last year.

Government measures have been implemented to encourage exports, such as export tax rebates, improved government services, and the reform of administrative approval systems.

According to customs statistics, the total foreign trade volume was US$55.15 billion in October, 32.3 per cent higher compared to last October.

"Exports and imports will maintain relatively high growth in the last two months of this year and is likely to reach the government's goal," Long said.

Shi Guangsheng, the minister of foreign trade and economic co-operation, said in mid-October that the foreign trade volume this year is expected to exceed US$600 billion.

(China Daily)

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