12 Jul 2013 11:19

BEIJING, July 10 (Bernama) -- China's exports fell by 3.1 per cent year-on-year (yoy) in June to US$174.32 billion, while imports slowed by 0.7 per cent to US$147.19 billion.

The trade surplus totalled US$27.13 billion in June, the General Administration of Customs (GAC) said in a statement today.

The GAC said total foreign trade fell two per cent yoy to US$321.51 billion in June.

During the first half of this year, China recorded foreign trade of US$2 trillion, up 8.6 per cent yoy, with exports at US$1.05 trillion (up 10.4 per cent) and imports at US$944.87 billion (up 6.7 per cent).

During the first six months of this year, bilateral trade between China and Asean countries totalled US$210.56 billion, up 12.2 per cent yoy, while bilateral trade with the US totalled US$244.01 billion, up 5.6 per cent yoy.

Bilateral trade between China and the European Union shrunk 3.1 per cent yoy to US$259.21 billion in the first half of the year, the GAC said.

Xinhua news agency quoted GAC spokesman, Zheng Yuesheng, as saying the growth rate of China's foreign trade slowed down in the first half of the year.

It grew by 13.5 per cent in the first quarter yoy and 4.3 per cent in the second quarter (Q2), but just 0.3 per cent in May and two per cent in June, he said.

Zheng said the slump in the Q2 was mainly due to weak global demand, rising foreign exchange and labour costs, and various trade frictions.

More challenges and difficulties were expected in the second half of the year, and the ultimate solution would be to transform growth patterns and restructure commodities, Zheng said. -- BERNAMA