China’s total volume of foreign trade is expected to exceed 2.1 trillion U.S. dollars, up 20 percent over last year, according to a report issued by the Ministry of Commerce during the ongoing 102nd China Import and Export Commodities Fair.

The export volume will reach 1.2 trillion U.S. dollars and the import volume will be 950 billion U.S. dollars, with a trade surplus of 250 billion.

“Continued global economic growth and the robust demand of the international market have contributed to China’s increasing foreign trade,” said Liu Haiquan, the Deputy Director of the General Department with the ministry.

The ever increasing amount of foreign direct investment (FDI) has also played an important role, said the official, citing China’s actual FDI, which rose 10.9 percent year-on-year to 47.2 billion U.S. dollars in the first three quarters.

“China will continuously endeavor to improve its trade pattern to prevent the surplus from growing too fast,” said Li Yushi, vice president of the Chinese Academy of International Trade and Economic Cooperation under the commerce ministry.

“China never seeks a huge trade surplus,” Wang Xinpei, the spokesman of the ministry said earlier this week.

Also according to the report, China’s trade volume would top 2.4 trillion U.S. dollars in 2008, up by around 15 percent.

In the first nine months, exports rose 27.1 percent year-on-year to 878.2 billion U.S. dollars, while imports were up 19.1 percent to 692.6 billion U.S. dollars, according to statistics from the General Administration of Customs.

The fair, commonly known as the Canton Fair, started on Oct. 15 in south China’s Guangdong Province and will last until Oct. 30.

Source:Xinhua

Copyright Fund China 2009.

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