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China high-tech trade slows down in 2008

(Xinhua)
Updated: 2009-02-21 11:21

BEIJING -- China's external trade in new- and high-tech products amounted to $754.8 billion in 2008, a growth of 8.6 percent on the previous year, the General Administration of Customs said on Saturday.

The growth rate was 12.6 percentage points below the year-earlier level.

Related readings:  Tax revenue growth slows in 2008  China's balance of payments surplus slows down  Agricultural products export growth slows down in 2008  Foreign trade growth slows to 7-year low

The total trade included $339.2 billion in import value , up 3.5 percent, and $415.6 billion in export value, up 13.1 percent. The growth rates were 13.9 percentage points and 11.7 percentage points, respectively, lower than the year-ago level.

Major imports were integrated circuit (IC) chips, liquid crystal displays (LCD), aircraft, spare parts of radio telecom equipment and metal processing machines. Main exports were automatic data processing equipment and parts, cordless phones, IC chips, LCDs, TV sets and video recorders.

The customs administration attributed the slowdown in both imports and exports of new- and high-tech products to ebbing demand both at home and abroad, that for consumer electronics in particular, whose markets tended to be saturated.

The ongoing financial crisis and appreciation of Chinese currency also accounted for the slowdown in exports, the administration added.

Foreign-funded companies constituted a major player in foreign trade of new- and high-tech products.

Of the imports, they accounted for 80.3 percent, or $272.5 billion, up 3.8 percent. Of the exports, they made up 85.2 percent, or 354 billion dollars, up 11.1 percent.

The top supplier of new- and high-tech products for the Chinese mainland were ASEAN (Association of Southeast Asian Nations) members, while the leading three export destinations were the European Union, Hong Kong and the United States.