Apr. 18, 2008 (China Knowledge) - The total value of Zhejiang China Commodities City Group Co<600415>'s export to the U.S. was US$ 48.47 million in the first quarter of 2008, down 4.07% from the corresponding period of the previous year.

The company posted negative growth in U.S. export for the first time since it was established 30 years ago. However, its revenue amounted to RMB 7.193 billion in the period, up 8.84% from the same period of 2007.

The decline in Q1 export was mainly attributed to the U.S. credit crisis, RMB appreciation, tightening monetary policy and rising price of raw materials.

A senior analyst from Yiwu Foreign Economy and Trade Bureau noted that it did not necessarily indicate Yiwu's foreign trade market began to shrink, on the contrary, its foreign trade is still well on track.

Spurred by the news, shares of Yiwu China Commodities City dropped 3.0% on Friday to RMB 91.