China's trade surplus with the European Union soared to 91.66 billion dollars at the end of last year, up 31 per cent from 2005, the commerce ministry said on Sunday.
Total China-EU trade value rose 25 per cent to hit 272.3 billion dollars in 2006, with exports reaching 181.98 billion dollars, up 27 per cent year-on-year, and imports growing by 23 per cent to 90.32 billion dollars.
The European Union remained China's top trading partner last year, accounting for nearly 16 per cent of China's global trade, the ministry said on its website.
China said it recorded a trade surplus of 70.12 billion dollars with the European Union in 2005, although one EU estimate put the surplus at about 106 billion euros (137 billion dollars). The difference between the two figures is believed to stem mainly from different counting of services and export goods which use imported materials or components. Commerce Minister Bo Xilai said earlier this month that reducing the huge trade surplus would be the 'top priority' for China's foreign trade development this year.
Its total trade surplus reached 177.47 billion dollars in 2006, while its foreign exchange reserves soared 30 per cent to 1.0663 trillion dollars, the government said.
The excessive trade surplus has caused tensions with the United States and Europe, and harms both domestic economic development and foreign trade relations, Bo said. US and European critics say China's renminbi currency remains undervalued and makes Chinese exports cheaper. The government has allowed the currency to appreciate by about 5 per cent against the dollar over the last 18 months and it is expected to rise by a similar margin this year.
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