Imports up 40.6% for first 8 months
( 2003-10-06 16:39) (China Daily)
China's imports grew 40.6 per cent year-on-year in the first eight months of this year, 8.1 per centage points higher than the growth in exports for the same period last year, according to statistics from the General Administration of Customs.
The total volume of imports stood at US$256.9 billion for the period, an average of US$32.1 billion per month, with a record US$34.62 billion for August, statistics show.
Major imports included machinery and electrical products, steel products, crude and refined oil, soybeans, automotive products and iron ore.
In the first eight months, China imported US$12.51 billion of crude oil, up 57.9 per cent, US$3.87 billion of refined oil, up 85.4 per cent, US$13.21 billion in steel products, up 62.9 per cent, and a record US$9.31 billion in automotive products, up 94.7 per cent, according to the statistics.
Sources from the General Administration of Customs attributed the increase in imports to the rapid development of the economy, and the policy of further opening up the nation's market, expanding domestic demand, and cuts in customs duties following the country's entry into the World Trade Organization.
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