China's trade deficit with East Asia hits $87.5b
Ann/ China Daily
Although China has an overall foreign trade surplus, it had a deficit of $87.5 billion in 2006 with East Asian countries, said Liao Xiaoqi, vice minister of commerce, on Saturday. Liao said at the 3rd East Asia Investment Forum that economic and trade exchanges between China and East Asian countries have been growing very fast, with the combined trade volume reaching $502.4 billion in 2006, accounting for 32.5 percent of China's foreign trade for the year. He said that China mainly imports raw materials and parts from East Asia, and exports the processed or assembled products to European and American markets. China has become the largest export market for the Republic of Korea, the no. 2 export market for Japan, the no. 3 export market for Thailand, and the no. 4 export market for Indonesia, Singapore, the Philippines and Malaysia. "China's development has brought about growth opportunities for East Asian countries," he said.
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