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Zhejiang exporters must prepare for more challenges - Experts
07
Oct '08
From January to August this year, total import and export volume of Zhejiang Province reached around 144 billion, a year-on-year increase of 26.3 percent.

However, this marked a decline of 3.4 and 0.7 percentage points in growth rate as compared to the same period last year and the previous quarter, respectively. This also records 0.9 percentage points higher growth rate from the first half of 2008.

Among them, exports registered US $103.37 billion, representing a reduction of 5.6 percentage points in growth rate from the same time last year. Imports scored $40.65 billion, and growth rate registered a year-on-year rise of 3.7 percentage points.

In August, the province's total import and export value realized $20.215 billion, a surge of 22 percent from the same period last year and 1.7 percent higher growth rate, but 5.2 percentage points down from the previous month.

Exports fell to $14.852 billion, 1.6 percentage points down in growth rate, and indicating drop of 0.4 percentage points than July.

Imports in August climbed 28 percent to $5.363 billion, higher than the growth rate of 11.5 percent of the same time last year.

The Development and Reform Commission of Zhejiang Province said that, judging from the current trends, the world economy is likely to enter a recession, and the situation will become tougher.

Impacted by slowdown in three major economies, namely US, Japan and EU, exports to emerging markets have also rapidly declined.

RMB has continued to appreciate against Japanese Yen and Euro since the second quarter, further weakening export competitiveness of Zhejiang Province in these countries. Thus, Zhejiang's export enterprises will have to prepare for severe challenges.

Fibre2fashion News Desk - China

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