China exported and imported a total of US$32.46 billion in products and services in January, up 1.3 percent from last January, according to statistics from the General Administration of Customs.

The growth rate was dramatically lower than last January's 31.5 percent.

"Two week-long holidays for the New Year the Spring Festival, which fell on January 24 this year, are the major reason for the lower foreign trade growth rate this January," said a customs official.

Exports rose 0.8 per cent to US$16.92 billion and imports climbed 1.9 percent to US$15.54 billion.

Trade surplus stood at US$1.38 billion for January, customs statistics indicate.

The Ministry of Foreign Trade and Economic Cooperation has set a goal of 8 percent for this year's foreign trade growth rate. To achieve this goal, China will have to export at least US$22.5 billion each month.

Exports by the processing industry rose 2.5 percent to US$9.48 billion.

The imports and exports of companies with foreign investment increased 4.2 percent in January to US$16.03 billion, making up 49.4 percent of the country's total foreign trade volume, compared with 48 percent in the same period last year.

The exports of companies with foreign investment increased 10.3 percent compared with the same period last year to US$8.32 billion, but imports fell 1.6 percent to US$7.71 billion.

Companies with foreign investment imported US$1.09 billion worth of equipment and commodities as investments in January, up 23.9 percent, according to customs statistics, signifying foreign investors' strong interest in the China market.

Trade with the European Union (EU), the Association of Southeast Asian Nations (ASEAN) and Russia saw a comparatively rapid increase in January, official statistics indicate.

Exports to the EU, ASEAN and Russia increased 10.1 percent, 10.8 percent and 23 percent respectively, and imports rose 3 percent, 16.2 percent and 169.5 percent.

Exports of machines and equipment rose 9.5 percent to US$1.9 billion, and exports of electronic appliances and products increased 17.5 percent to US$33.4 billion. Machinery and electronic products made up 44 percent of the country's total exports in January.

China's imports of primary products such as crude oil, timber and paper pulp decreased 4.1 percent to US$29.8 billion, but imports of industrial products increased 3.3 percent to US$12.56 billion, according to customs statistics.

(China Daily 02/15/2001)