China's 2011 foreign trade soars 22.5 %

China's foreign trade rose 22.5 per cent in 2011 from a year earlier to $3.64 trillion, China's General Administration of Customs (GAC) yesterday said, adding that the country's annual trade surplus narrowed 14.5 per cent year on year to $155.14 billion in 2011.

China's annual trade surplus figures have seen a consistent fall from $295.47 billion in 2008 to $196.07 billion in 2009 and $183.1 billion in 2010.

China's exports grew 20.3 per cent year-on-year to $1.9 trillion last year while imports grew 24.9 per cent to $1.74 trillion.

In December, China's total exports rose 13.4 per cent year-on-year to $174.72 billion while imports increased 11.8 per cent year-on-year to $158.2 billion.

China, already the world's second-largest importer, is expected to take over as the world's top importer in another two to three years and contribute to global economic recovery, said Zhou Shijian, a senior research fellow from the Centre for US-China Relations, Tsinghua University as reported by Chinese news agency, Xinhua.

Zhou further noted that China should consider measures to spur exports instead of "stabilizing exports," as the government has stated. He projected growth in exports, once a major engine driving China's fast economic expansion, to continue registering in the single digits this year.