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MoC projects foreign trade to reach $2.8 trillion in 2008

26
Nov '08
The Ministry of Commerce released a report titled "China Foreign Trade Situation Report (Autumn 2008)" on November 19. According to the report, international market demand will continue to decline in the last months of 2008 and in 2009, a downtrend in world economy is a foregone conclusion. China's foreign trade situation will be even severer, but, Chinese government will take further measures to support enterprises and exports.

The report reveals that following the trend of fast and exponential growth for six years in a row, Chinese imports and exports of goods amounted to US $1.96 trillion in the first three quarters of this year, representing a growth of 25.2 percent over the same period last year

From amid the foreign trade figures, exports registered US $1.07 trillion, up 22.2 percent over the same period last year, though growth rate fell 4.9 percent year-on-year, on the other hand imports touched $893.07 billion, up 29.0 percent over the same period last year and growth rate increased by 9.9 percent year-on-year.

Growth rate of imports has exceeded that of exports for the first time in four years and trade surplus marked $180.99 billion, down 2.7 percent year-on-year. The Ministry of Commerce does not depict an optimistic outlook in growth rates of exports to the US, EU and Japan in the next few months.

The Ministry of Commerce predicts that China's total foreign trade turnover is projected to reach 2.6 trillion in 2008, an increase of 20 percent over the previous year.

Fibre2fashion News Desk - China


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