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China's trade surplus down in October
24
Nov '11
China has registered a trade surplus of US$ 17.03 billion in October 2011, marking a decline of 36.5 percent year-on-year, as per the data released by Economic and Trade Division of National Development and Reform Commission (NDRC).

However, the country's total foreign trade increased by 21.6 percent y-o-y to US$ 297.95 billion during the month. Of these, exports grew at 15.9 percent y-o-y to US$ 157.49 billion, while imports rose at 28.7 percent y-o-y to US$ 140.46 billion.

The annual growth rate of China's foreign trade fell from 44.1 percent in January to 21.6 percent in October. The annual growth rate of exports declined from 37.6 percent to 15.9 percent during the period, while the growth rate of imports decreased from 51.6 percent to 28.7 percent.

During January to September, China's exports to the US saw a decline, while those to ASEAN and other emerging markets witnessed an accelerated growth. The increase in China's imports from the US and EU markets was at a faster pace than the country's exports to these markets.

The NDRC expects the growth rate of China's foreign trade to further slowdown in the fourth quarter and has projected that the country's total imports and exports in 2011 will amount to US$ 3.68 trillion, which would be an increase of 23.8 percent year-on-year.

Of these, exports are expected to be worth US$ 1.93 trillion, up 22.2 percent y-on-y, and imports are estimated at US$ 1.75 trillion, rise of 25.8 percent y-on-y. Thus, the annual trade surplus is likely to be around US$ 176 billion.

The NDRC further says that the weak trend of the world economy will continue in 2012, leading to a further weakening of demand from overseas markets. It also forecasts a decline in growth rate of emerging economies next year. It has projected China's import and export volume at US$ 4.2-4.32 trillion in 2012, with an annual increase of 14 to 17.5 percent.

Fibre2fashion News Desk - China

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