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China has been serving as the fastest growing export destination of the United States for five consecutive years, Chinese Vice Minister of Commerce Gao Hucheng said in Beijing Thursday.

China is expected to overtake Japan as the third largest export market of the United States at the end of this year or early next year, he said.

China's foreign trade value reached US$1.17 trillion in the first seven months of 2007, a year-on-year increase of 24.4 percent, according to customs sources.

The European Union remained its largest partner with a trade value of US$190.1 billion, a growth of 28.5 percent over the same period of last year, followed by the United States with US$167 billion, up 17.5 percent, and Japan with US$130 billion, up 15.2 percent.