Imports and exports both hit record highs in December 2010, with total volume reaching $295.22 billion, up 21.4 percent from the previous year, said the General Administration of Customs.
Imports soared 25.6 percent year on year to reach $141.07 billion in December. The exports added up to $154.15 billion, an increase of 17.9 percent.
The trade surplus stood at $13.08 billion, shrinking 28.9 percent from one year earlier. It was also the smallest surplus since April 2010.
A slowdown in exports was in part because of a relatively high comparison base in the same period last year, said Lu Zhengwei, chief economist at the Industrial Bank Co. Ltd.
Meanwhile, after a rush of Christmas orders, exporters have to face bleak market demands, he said.
Imports have largely held up, a reflection of vibrant domestic demands, said Lu, adding that the country is expected to further encourage imports this year to narrow the trade imbalance.
Zuo Xiaolei, chief economist at the China Galaxy Securities Co. Ltd. said the underlying growth momentum of exports remains healthy.
"But it remains to be seen how the exporters fare in 2011 given the daunting challenges including simmering trade protectionism and appreciation pressures facing the yuan," she said.
China in 2009 replaced Germany to become the world's largest exporter, with its foreign trade accounting for nearly 10 percent of the world's total. |