| China Could Become the Largest Trading Partner of Japan |
| Monday,April 16,2007 Posted: 08:53 BJT(0053 GMT) MOFCOM |
In 2006, Sino-Japanese trade volume was on the rise and hit a record high of 211.29551 bn USD. It is predicted that in 2007, China is very likely to become Japan’s largest trading partner. --Japan’s digital product export to China doubled in 2006. Japan-made cameras and television-cameras are competitive, and have played a major role in Japan’s exports to China. Statistics from Japan External Trade Organization (JETRO) indicated that due to China’s prosperous development of its economy, its demand for Japanese products was on the increase too, which resulted in a rapid export growth in Japan-made high-end digital cameras, household vidicons and various other high-tech products, which resulted in an increase of 102.9% over the previous year. In addition, China’s demand for Japanese top grade cars was booming as well. During 2006, Japan’s car export to China went up by 15.9% year on year. Driven by these advantageous industries, Japan’s export volume to China surged by 15.6% in 2006, which almost doubled the 8.8% growth rate of 2005. Additionally, Japanese fittings, plastic and nonferrous metal products enjoyed good sales in China as well. While Japan’s export to China was increased at a high rate, China’s export growth to Japan was slowed down. In 2006, although China’s exports to Japan were up by 8.5%, it was still way behind the 15.8% growth rate of 2005. Currently, Japan’s domestic demand for audio and TV products dropped by 5.8% over the previous year while its demand for office equipments went up by 2.0% year on year. Meanwhile, Japan’s coal and coke export was down by 18.8% for the year, while its iron and steel export also went down by 6.7%. --Under the influence of the “Positive List” System, China’s agricultural produce export to Japan dropped sharply. In 2006, China’s food export to Japan increased by only 1.8% while fresh vegetable export dropped sharply. Raw mushroom and pea export went down by 27% and 34% respectively. --Sino-Japanese trade volume on the increase According to statistics released by MOFCOM, by the end of 2006, Japan had invested into 37,714 projects in China, with an actual investment volume of 57.97 bn USD, which allowed Japan to become China’s second largest foreign investment source. In 2006, Sino-European and Sino-U.S. technology trade volume realized 8.66 bn USD and 4.23 bn USD respectively, up by 4.5% and 24.4%, while Sino-Japanese technology trade totaled 5.24 bn USD, surged up by 36.1%. According to a research report by JETRO, four factors were attributed to the expansion of Sino-Japanese trade: Firstly, the world economy is on the increase, which requires more export products from China, thus increasing Japanese exports of key fittings to China. Secondly, China’s demand for Japanese products is surging, which resulted in a steady export growth of car and digital household appliances. Thirdly, China needs to import semiconductors, various auto component parts as well as other high value-added products from Japan, which resulted in an increase in Japan’s exports. Fourthly, Microsoft VISTA is expected to drive up replacement of commercial computer, which would result in an increase in office machine (computer) imports. (Source: Chinese Version of MOFCOM) (Translated by Network Center of MOFCOM) |
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