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China trade hits US$2.97 trillion, surplus falls 6.4%
By Wang Yanlin |
January 10, 2011, Monday
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Online Edition
Online Edition
CHINA saw a 6.4 percent cut in its trade surplus in 2010 from a year earlier as a result of government efforts to increase imports and reduce reliance on exports.
Trade surplus shrank to US$183.1 billion last year, down to 6.2 percent from 11.6 percent in 2008 and 8.9 percent in 2009, indicating a more balanced trade structure, the General Administration of Customs said today.
China's trade value totaled US$2.97 trillion in 2010, a surge of 34.7 percent from a year earlier. Exports rose 31.3 percent to US$1.58 trillion, while imports jumped 38.7 percent to US$1.39 trillion.
"While uncertainties still exist in the world, China is smart to rev up economic restructuring and reduce its reliance on exports," said Xue Jun, an analyst at CITIC Securities Co. "The cut in trade surplus last year has shown such a trend, and the government efforts will continue to pay off in the coming years."
But reducing reliance on exports does not mean to cut trade value. Both exports and imports shot to a record high last month, securing China's position as the world's biggest exporter and a major importer.
Exports in December expanded 17.9 percent on an annual basis to US$154.1 billion, and imports gained 25.6 percent to US$141.1 billion.
Vice Minister of Commerce Zhong Shan said last month that China aims to strengthen its position as a big trader in the next decade although the country is trying hard to shift to an economy powered by domestic consumption.
Trade surplus shrank to US$183.1 billion last year, down to 6.2 percent from 11.6 percent in 2008 and 8.9 percent in 2009, indicating a more balanced trade structure, the General Administration of Customs said today.
China's trade value totaled US$2.97 trillion in 2010, a surge of 34.7 percent from a year earlier. Exports rose 31.3 percent to US$1.58 trillion, while imports jumped 38.7 percent to US$1.39 trillion.
"While uncertainties still exist in the world, China is smart to rev up economic restructuring and reduce its reliance on exports," said Xue Jun, an analyst at CITIC Securities Co. "The cut in trade surplus last year has shown such a trend, and the government efforts will continue to pay off in the coming years."
But reducing reliance on exports does not mean to cut trade value. Both exports and imports shot to a record high last month, securing China's position as the world's biggest exporter and a major importer.
Exports in December expanded 17.9 percent on an annual basis to US$154.1 billion, and imports gained 25.6 percent to US$141.1 billion.
Vice Minister of Commerce Zhong Shan said last month that China aims to strengthen its position as a big trader in the next decade although the country is trying hard to shift to an economy powered by domestic consumption.
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