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China's trade surplus to decline sharply this year

20
May '10
China's trade surplus is expected to sharply decline this year, judging from the situation of the first four months of the current year, a spokesman of the Ministry of Commerce, Mr Yao Jian said yesterday.

He also said that RMB exchange rate should not be politicized and that China will implement the RMB exchange rate policy in accordance with the global economy and development situation of China's economy.

Data reveals that China's trade surplus registered US $16.11 billion from January to April, down 78.6 percent year on year. In the same period, exports grew 29.2 percent, while imports gained 60.1 percent.

The growth rate in imports is double, that of the export growth rate. “This has basically laid out the trade situation for this year, that China's trade surplus will sharply decline this year,” said Yao Jian.

Yao Jian pointed out that the EU is the largest export market of Chinese goods and a weak growth in the Euro zone economy will affect China's export situation. Meanwhile, volatility in financial market caused by European debt crisis will slow down recovery process of global economy.

The Yuan has appreciated by 14.5 percent against the Euro in the first four months of 2010, and in the process has put cost pressures on exporting enterprises in China, which will in turn affect China's overseas export trade.

Fibre2fashion News Desk


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