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'Falling exports will drag down domestic demand' - Minister
17
Apr '09
The General Administration of Customs published its latest statistics on April 10, revealing that China's import and export value recorded US $162.02 billion in March, a year-on-year decline of 20.9 percent of which exports declined 17.1 percent, while imports dropped 25.1 percent.

Although position of exports improved considerably in March, an official of the Ministry of Commerce said decline rate of exports in the first half would continue to remain at around 20 percent and at present though the situation is showing positive factors, but, position remains highly pessimistic.

The Minister of Commerce Chen Deming had said that, "The role of foreign trade on economic growth has been underestimated; external demand will also drag down domestic consumption”. Another official forecasts that a 20 percent decline of exports in the first half will directly affect annual GDP by 1.1 trillion Yuan.

China's gross national product this year will reduce by 1500 to 2000 billion Yuan and if exports in the second half remain at the same level as those of the first half, it will put immense pressure on the target of generating eight percent annual economic growth in the current year.

Fibre2fashion News Desk - China

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