Chongqing Foreign Trade Commission reported a 54 per cent rise in the municipality’s foreign trade in the first 11 months of 2010 to US$10.5bn. Senior officials are optimistic that the full-year figure will exceed the US$12bn target.

Between January and November, exports totalled US$6.2bn while imports amounted to US$4.3bn. Director of the commission Li Jianchuan said that the recovery of the global auto sector facilitated the export of spare parts and engines, but the main driver of growth has been in Southeast Asia and Africa where local businesses have expanded aggressively. He predicts that within five years, Chongqing’s foreign trade will exceed an annual value of US$100bn.