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China’s volume of trade with all countries for CY 1998 is US$323.9 billion. It exported $183.78 billion worth of commodities and imported $140.16 billion worth of commodities. Total volume of trade dropped by 0.4 per cent over the 1997 figures, the lowest in 15 years. Export figures inched up only by 0.5 per cent.

The five top imports of China from the world during the year include mechanical and electrical products at $63.9 billion; followed by plastics in primary form at $8 billion; steel products at $6.3 billion; electronic integrated circuits and micro-assemblies at $4.5 billion; and crude petroleum oil at $3.2 billion.

The five top export products of China during the period under review, on the other hand, include mechanical and electrical products at US$66.5 billion; garments and clothing accessories at US$30 billion; textile yarn and fabrics at $12.8 billion; footwear at $8.4 billion; and toys at $5.1 billion.

In a bid to address the challenges to China's international trade in 1999, Chinese Trade Minister Shi Guangsheng announced that China would a) try to export more bulk commodities; b) expand overseas processing and installation of business; c) improve the quality and profits of exports; d) transfer part of its surplus capacity production abroad; d) use elements of credit, taxation and economic cooperation to expand exports of high-tech and high value-added commodities and mechanical and electronic equipment; e) increase imports and step up efforts in responding to overseas anti-dumping cases against Chinese products; f) make use of foreign investments where it is appropriate; and g) development of bilateral friendly relations with other countries.

Among China’s 30 Provinces, Guangdong Province ranked first during the period under review in terms of trade volume at $131.5 billion, or 40.6 per cent of China’s total volume of trade. Guangdong exported $76 billion worth of commodities while it imported $55 billion worth of commodities. Its exports grew by 1.3 per cent over the same period last year while its imports declined by 0.2 per cent.