China's trade surplus expected to rise by almost 43 percent

The Chinese Academy of Sciences' (CAS) Center for Forecasting Sciences predicts that China's total trade surplus will surge 42.8 percent to reach about 191 billion euros in 2007. Exports growth is expected to be more subdued.

According to the report released by the CAS, this year's total exports are projected to hit 900 billion euros, up 23.7 percent year-on-year. Last year, total exports growth was 27.2 percent. Total imports are estimated to amount to about 711 billion euros this year, marking a rise of 19.5 percent year-on-year.

The surplus against the United States is expected to rise by 23.5 percent to 134 billion euros. Exports to the U.S. are expected to hit 197 billion euros, up 29.8 percent year-on-year.

The European Union will remain China's largest trading partner this year, and is expected to register 180 billion euros in imports from China. Exports from the EU are expected to hit 83 billion euros.

The CAS also reported that this year, 29.2 percent of China's exports will consist of hi-tech products, with a total worth of 273 billion euros. China is also expected to import 223 billion euros worth of hi-tech products, up 20 percent from last year.

Exports of clothing, textiles and shoes, in turn, are predicted to decrease, and annual growth rates are likely to be in the 13.3 to 15.8 percent range.

The import of refined oil products is expected to grow by 4.8 percent to 52 billion euros. Iron ore imports are expected to surge 47 percent to 23 billion euros.