China says US overtakes EU as top export market
China said Tuesday that the United States has overtaken the European
Union as its biggest export market, as the continent's debt crisis has
sent demand slumping.
"The biggest is the US and the EU is second," Commerce Ministry
spokesman Shen Danyang told reporters at a regular briefing, without
saying when the reversal occurred. "The EU used to be the biggest," he
added.
Chinese customs figures for the first 10 months of this year showed
that China's exports to the United States totalled $289.3 billion, while
shipments to the EU came to $276.8 billion.
Weak demand from both Europe and the US has been a big factor as
China's economic growth has slowed over the past seven quarters to the
end of September.
Economic growth in the United States remains weak but is expanding,
while the eurozone's debilitating debt crisis has dragged it back into
recession.
Shen noted that China will probably miss its full year target of 10
percent foreign trade growth this year due to sluggish overseas demand,
particularly in Europe and Japan.
"The international economic situation this year has been severe and
complicated. There have been many uncertainties, with slack foreign
demand being the most severe one," he said.
"It will be indeed very difficult to achieve this year's 10-percent
target for trade growth," he said, yet added it was premature to
conclude what the full year increase would turn out to be.
Chinese customs data showed foreign trade rose by just 6.3 percent in
the first 10 months of the year from the same period in 2011. Shen also
said the Association of Southeast Asian Nations had moved past Japan as
China's third-biggest export market.
Japan, which is in the midst of a diplomatic row with China that has
hit trade between the two nations, slipped to fourth place. Shen offered
no explanation for China's changing trade patterns with ASEAN and Japan.
China shipped $125.3 billion in goods to Japan in the first 10 months
of the year, compared with $163.9 billion dollars to the 10 ASEAN
countries, according to customs figures.
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