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particularly in December when imports were substantially less than exports (Figure 4). Figure 4 Monthly exports and imports and growth rates in 201250.0 40.0 30.0 20.0 10.0 0.0 Jan -10.0 -20.0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 50 150 Exports ($bil) Export growth (%) Imports ($bil) import growth (%) 200 250。

The rather unusually slow growth in imports was in part explained by the drop in demand of China for its key imported commodities, including iron ore, oil and steel products, as shown in Table 1, and in part by China’s struggling domestic economy which was hampered by asset bubbles and slowdown of domestic investments. The large trade surplus also contributed to the country’s rising foreign exchange reserves, which amounted to $3.3 trillion by the end of 2012, or rising by 4.1% from the end of the previous year. Table 1 Imports of main products in 2012 Million % growth Items tons in 2012 Soybeans Iron ore Coal Crude oil Oil products Plastics Steel products Copper 58.4 743.6 288.5 271.0 39.8 23.7 13.7 4.7 11.2 8.4 29.8 6.8 -1.9 2.9 -12.3 14.1$billion 35.0 95.6 28.7 220.7 33.0 46.2 17.8 38.6% growth in 2012 17.6 -15.0 20.2 12.1 0.6 -2.2 -17.5 4.9% growth in 2011 18.9 40.9 23.6 45.3 45.5 8.3 7.3 12.0。

China’s main trading partners have remained relatively stable in terms of their contributions to its total imports and exports (Table 2). However, despite EU remaining China’s largest trade partner in 2012, its relative importance was critically undermined during the year as the Sino-EU bilateral imports and exports endured a significant negative growth. China’s exports to the EU declined by 6.2% from $356 billion in 2011 to $334 billion while imports from the EU remained almost unchanged at $211 billion. The total volume of SinoEU bi-lateral trade was $545 billion, compared to $484 between China and the US, $341 billion between China and Hong Kong, and $329 billion between China and Japan. Over 90% of (mainland) China’s exports to Hong Kong were transit exports from Hong Kong to the rest of the world.

In 2012, China made a trade surplus of $301 billion with 10Hong Kong. If this were excluded, China would have incurred a trade deficit of more than $70 billion with the rest of the world. Before the world financial crisis, China’s trade surplus accounted for more than 6% of its GDP during the period 2006-2008. From 2010, trade surplus as a proportion of GDP has been kept well below 3%. In 2012, it was only 2.8%. Table 2 Key trading partners of China 2010 Hong Kong Japan US EU RoW Total 2011 Hong Kong Japan US EU RoW Total 2012 Hong Kong Japan US EU RoW Total Exports 218.3 121.1 283.3 311.2 644.0 1577.9 268.0 148.3 324.5 356.0 801.8 1898.6 323.5 151.6 351.8 333.9 888.1 2,048.9Imports 12.3 176.7 102.0 168.5 935.3 1394.8 15.5 162.7 122.2 211.2 1231.9 1743.5 17.9 177.8 132.9 212.1 1277.1 1,817.8Trade Balance 206.1 -55.6 181.3 142.8 -291.5 183.1 252.5 -14.4 202.3 144.8 -430.1 155.1 305.6 -26.2 218.9 121.8 -389.0 231.1% of China's Exports 13.8 7.7 18.0 19.7 40.8 100.0 14.1 7.8 17.1 18.8 42.2 100.0 15.8 7.4 17.2 16.3 43.3 100.0% of China's Imports 0.9 12.7 7.3 12.1 67.0 100.0 0.9 9.3 7.0 12.1 70.7 100.0 0.9 9.8 7.3 11.7 70.3 100.0Notes: RoW = rest of the world. Source: General Administration of Customs of PRC.

Finally, China’s export structure has changed overtime (Table 3). General exports (up 7.7%) increased much faster than processing exports (up 3.3%)本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。