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October export growth slowest in 8 months
By Wang Yanlin |
November 10, 2011, Thursday
|
Online Edition
Online Edition
CHINA'S exports grew at the slowest pace in eight months in October, amid the worsening global economic climate and increased pressure for the country to favor growth policies.
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest since February, the General Administration of Customs said today.
Imports, however, maintained strong growth momentum and increased 28.7 percent to US$140.4 billion -- faster than the pace of 20.9 percent in September.
Moderating export growth and better-than-expected imports helped reduce October's trade surplus to US$17 billion, down 36.5 percent from a year earlier.
"Chinese exporters are facing huge challenges including shrinking global demand, a stronger yuan and rising trade protectionism," said Zhao Yanyun, a professor at Renmin University of China.
The downward trend might continue because there was no immediate solution to either challenges in the near term, he added.
"Exporters should sharpen their competitiveness under such circumstances, or they can look to the domestic market for new opportunities," Zhao suggested.
According to earlier reports, a batch of toy exporters have been applying for licenses from the Ministry of Commerce for selling their products on the Chinese market, signaling a wave of "returning" producers.
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest since February, the General Administration of Customs said today.
Imports, however, maintained strong growth momentum and increased 28.7 percent to US$140.4 billion -- faster than the pace of 20.9 percent in September.
Moderating export growth and better-than-expected imports helped reduce October's trade surplus to US$17 billion, down 36.5 percent from a year earlier.
"Chinese exporters are facing huge challenges including shrinking global demand, a stronger yuan and rising trade protectionism," said Zhao Yanyun, a professor at Renmin University of China.
The downward trend might continue because there was no immediate solution to either challenges in the near term, he added.
"Exporters should sharpen their competitiveness under such circumstances, or they can look to the domestic market for new opportunities," Zhao suggested.
According to earlier reports, a batch of toy exporters have been applying for licenses from the Ministry of Commerce for selling their products on the Chinese market, signaling a wave of "returning" producers.
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