China’s exports balloon to $593 billion in 2004

China’s exports balloon to $593 billion in 2004    China’s exports surged 35 percent to $593 billion in 2004, according to statistics published by China’s ministry of commerce.
   Exports for December totaled $64 billion, showing no signs of a slowdown in the Asian country’s export drive.
   China’s imports from other countries for 2004 rose 36 percent to $561 billion. Its yearly surplus came to $32 billion, exceeding earlier forecasts, as compared with $25.5 billion in 2003.
   The country’s trade surplus reached $11 billion in December and marked the sixth consecutive monthly increase, Reuters reported.
   The latest figures show China is continuing its export expansion despite stated attempts by its government to cool its economy and continuing pressures from the United States to revalue the yuan, the Chinese currency.
   With combined exports and imports of $1.15 trillion in 2004, China has become the third-largest trading country behind the United States and Germany, China Daily reported.
   The United States’ trade deficit with China was $124 billion in 2003, and is expected to rise to about $150 billion for 2004. The U.S. Census Bureau will report today statistics on the U.S. trade deficit for November.