EU China's top trade partner

EU China's top trade partner

Agence France-Presse, Beijing

The European Union, boosted by its expansion eastward, became China's biggest trade partner in May, outstripping Japan and the United States, state press reported Saturday.

Trade between the EU and China was valued at US$65.7 billion in the first five months of the year, up 35.9 percent on the same period last year, the Economic Daily reported, citing customs statistics.

It exceeded China's traditionally strong trade with Japan, with two way trade between the two neighbors valued at $64.1 billion in the first five months of 2004, up 27 percent from last year, the report said.

Japan, however, was still China's number one source of imports.

The United States remained China's largest export market, but fell to the country's third largest trading partner with trade from January to May valued at $62.3 billion, up 34.4 percent on the first five months of 2003.

bThe EU also looked to solidify its place as China's biggest trading partner after Chinese Vice Premier Zeng Peiyan on Friday signed billions of dollars worth of trade contracts with France.

Among the deals was a $2-billion (1.7-billion-euro) agreement with Airbus Industries to supply 20 A330-300 planes to China Eastern Airlines.

Chinese exports rose 33.4 percent to $207.6 billion in the first five months of the year, while imports jumped 41 percent to $216.3 billion, leading to an overall deficit of $8.66 billion.