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Exporters need more time to adjust - Commerce Dept
23
Jul '08
In July this year, China State Council asked for a complete report from Commerce Department, detailing the Chinese foreign trade scenario in the first half of 2008.

The Department was also asked to suggest ways to improve the export and trade conditions in China.

Thus, the Commerce Department officially requested the Council to help slow down RMB appreciation. It said that the export rebate rate on clothes, toys, shoes and other products must be increased so that the industries are able to cope with the tough trade conditions.

According to the statistics from China Customs, in the first half of this year, the trade surplus of China was US $99.03 billion, marking a year-on-year drop of 11.8 percent.

In June alone, the export value of China was $121.53 billion, up 17.6 percent than the corresponding month of 2007, but recorded a 28 percent slower growth-rate as compared to that in May this year.

Besides, RMB appreciation rate in the first half of this year reached 6.6 percent, forcing many export oriented textile units to close down.

Department stressed that the Chinese export enterprises needed more time to adjust, or else many more enterprises would shut down.

Fibre2fashion News Desk - China

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