Interviews
Economic growth continues to go down the slide
30 Aug '08
4 min read
Growth rate of average annual exports to United States, Europe and Asia declined significantly in 2008. Exports to the United States showed a downward trend in the first half of 2008. Overall share of exports to the US reduced to only 17.53 percent compared to 21.24 percent in the same period of 2006. However, imports from the US maintained a share of 7-8 percent of all imports.
Strikingly, the share of China's exports to Europe has continued to increase. In the first half of 2008 EU accounted for 24 percent of total exports while imports again, stood the same at 14 percent.
Constitutive changes in China's imports and exports with major countries and regions are closely related to changes between RMB and major currencies.
Since July 2005, Yuan has continued to appreciate against US dollar, but has fluctuated against euro and yen. As a result of this changing trend in exchange rates, China's exports to European market soared while it declined for the United States. But imports at the same time, started to expand from the United States.
Strikingly, the share of China's exports to Europe has continued to increase. In the first half of 2008 EU accounted for 24 percent of total exports while imports again, stood the same at 14 percent.
Constitutive changes in China's imports and exports with major countries and regions are closely related to changes between RMB and major currencies.
Since July 2005, Yuan has continued to appreciate against US dollar, but has fluctuated against euro and yen. As a result of this changing trend in exchange rates, China's exports to European market soared while it declined for the United States. But imports at the same time, started to expand from the United States.
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