Home / Knowledge / News / Textiles / We hope to achieve double digit export growth rates - MoC

We hope to achieve double digit export growth rates - MoC

17
Mar '10
The Chinese Minister of Commerce, Chen Deming recently said that although, in the first two months of the current there was substantial increase of exports on a year-on-year comparison, the main reasons behind the increase were seasonal factors and refilling of inventory by Western countries.

It is noteworthy that, while year-on-year growth was substantial, total imports and exports in February fell 11.5 percent from the previous month, of which, exports declined 13.7 percent, imports dropped 8.9 percent.

The external market has not yet fully recovered, which leads one to believe that export situation is still extremely complex. February's trade surplus narrowed to less than US $10 billion and he does not rule out deficit in any of the months in 2010.

"China's trade surplus has been declining, and is also falling fast and current trade surplus will be confined to about five percent of China's GDP," Chen Deming said. He added by saying, other countries should not take trade surplus as an excuse for pushing appreciation of the RMB.

The Ministry of Commerce sets annual target of imports and exports this year and according to Deming, imports and exports of goods should realize an eight percent growth year on year, trade in services should achieve a 10 percent year on year. Relevant experts generally agree that the above-mentioned targets are relatively lower, when considering the low base levels of 2009.

Chen Deming explained that the growth target of China's foreign trade set by the Government is modest and hopes that this year's export growth should at least reach 8 –10 percent. There are uncertainties in the world economy, consumption in major Western economies is not ideal, unemployment rate is still high, saving rate is relatively low, and so it is difficult for China's exports to fully restore to those attained in previous years.

Fibre2fashion News Desk - China


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Deepak Mundra,

Deepak Mundra

Surat-based Madhusudan Group is a vertically integrated textile...

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search