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Trade surplus pressure further intensifies in Feb

14
Mar '07
Latest statistics in February 2007 by Chinese Customs on March 12 showed that country's total exports amounted to US $82.097 billion in February of this year, an increase of 51.7 percent over the same period of the previous year. Total imports reached $58.339 billion, an increase of 13.1 percent.

February exports indicated a year-on-year increase of 51.7 percent, higher than 33 percent growth in January, and also higher than the average annual growth rate of 27.2 percent in 2006. Meanwhile, national growth rate in imports was lower than 27.5 percent in January and the annual average growth rate of 20 percent in 2006.

If taking into account the impact of the Spring Festival in February, the slowdown in import growth is not hard to understand. But the substantial growth in exports more prominently reveals China's structural contradictions in international trade: export-oriented economy leads rapid expansion of trade surplus, foreign exchange reserves rapidly increase and domestic liquidity problems are more serious.

Although in September last year the country started a number of measures, such as reducing export tax rebates, introduction of new import tax reduction of import duties and other policies, aiming at regulating the import and export structure, but looking at the import and export data in February, these measures are obviously inadequate, or ineffective.

Fibre2fashion, News Desk - China


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