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China to promote foreign trade to achieve set targets
24
Oct '11
China's Ministry of Commerce will promote the country's foreign trade to achieve the established annual development goal, Shen Danyang, Spokesman of the Ministry, has said.

The spokesman said China's present foreign trade situation is good, but both internal and external environments are changing. There is an increase in uncertainty and instability factors that are likely to affect the development of China's foreign trade, and hence China's import and export situation will be hard hit from the first quarter of next year, he added.

According to Customs statistics, China's imports and exports registered US$ 2.677 trillion during January to September this year, an increase of 24.6 percent year-on-year. While exports fetched US$ 1.392 trillion, up 22.7 percent year-on-year; imports were worth US$ 1.285 trillion, up 26.7 percent year-on-year.

The above 20 percent growth levels were achieved in spite of weak external market, the RMB appreciation and rising domestic cost of production. However, it would be difficult to maintain the same growth momentum in the coming months.

Some signals have already been felt at the China Import and Export Fair (Canton Fair), considered to be the 'barometer' of Chinese foreign trade. During the first three days of the Autumn Fair this year, 93,000 overseas customers visited, which was only 2.6 percent more than the same period of the Spring Fair this year, and 13.2 percent more than the same period of last Autumn Fair.

Turnover-wise, exports registered US$ 10.19 billion in the first three days, a mere 4.2 percent higher from the same time of Spring Fair and 14.5 percent higher from last Autumn Fair. Moreover, in terms of transaction orders, short-term orders with delivery period of less than three months accounted for 51.7 percent, while medium-term orders having a delivery time of 3-6 months accounted for 35.5 percent, and long-term orders having a time of more than 6 months accounted for only 12.8 percent.

Mr. Shen said the annual growth of China's imports and exports are likely to be affected by costs of external demand, exchange rates and other factors. Under the situation, the Ministry will work with relevant departments to maintain basic stability of the policies. These will include export tax rebates, risk protection of export credit, trade credits, the RMB exchange rate, the RMB settlement of cross-border trade and trade facilitation.

At the same time, the Ministry will actively expand import and accelerate development of foreign trade to maintain momentum of China's growth levels in foreign trade and to achieve the established annual goals.

Fibre2fashion News Desk - China

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