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March 15, 2010

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Roaring foreign trade for Beijing

THE value of Beijing's foreign trade soared 70 percent annually to US$42.2 billion in January and February, the capital city's Customs authorities said on Saturday.

The export value in the first two months of 2010 was US$8.06 billion, up 10.7 percent from the same period last year, while imports surged 94.7 percent to US$34.16 billion, the Customs said.

This has resulted in a trade deficit of US$26.1 billion, a 150 percent annual jump.

They attributed the 180 percent jump in import value of crude oil, 96 percent surge in automobiles and 36 percent rise in iron ore for the growing trade deficit.

The European Union was Beijing's largest trade partner, followed by Saudi Arabia whose trade value with the capital jumped 140 percent in January and February.

In the same period, China's exports surged 31.4 percent to US$204 billion annually and imports jumped 63.6 percent to US$182.3 billion, with a trade surplus of US$21.76 billion, down 50.4 percent, the General Administration of Customs has said.


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