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City trade slows but not so badly
By Wang Yanlin |
April 30, 2009, Thursday
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Online Edition
Online Edition
SHANGHAI'S trade continued to slow in the first quarter but the rate showed some moderation with the possibility that the global economy may have survived its worst moments.
The city's trade fell to US$55.21 billion from January to March, 26.3 percent from a year ago. The drop narrowed by 1.8 percentage points compared with the figures from the first two months, the Shanghai Statistics Bureau said today.
Imports suggested a tendency to a revival with domestic buyers spending more, purchasing US$7.04 billion worth of goods from abroad in January, US$8.23 billion in February and US$9.67 billion in March.
Exports also rebounded. March exports posted a growth of 25.9 percent on February after consecutive monthly drops since November last year.
Analysts with the bureau said exports to major markets, including the United States, Japan and Hong Kong, all presented slowing drops and gained for some emerging markets like Africa and Latin America.
"The influence of the global economic recession has eased with some countries posting better-than-expected performances," said Li Maoyu, an analyst with Changjiang Securities Co.
China's gross domestic product managed to rise 6.1 percent from a year ago in the first quarter while Shanghai's economy added 3.1 percent to 315 billion yuan (US$46.1 billion) as the world experienced the worst recession since the 1930s.
However, bureau analysts said the future of the city's trade was still hard to predict as business with the European Union, China's largest trading partner, continued to shrink in the first quarter and the economy of the US had a worse-than-expected performance through March.
Also, less orders for processed products from foreign companies, a major source of trade, may continue to dampen trade, analysts said. Earnings from processed products fell 27 percent from a year ago in the first quarter, dragging down the rate of trade by 11.3 percentage points.
The city's trade fell to US$55.21 billion from January to March, 26.3 percent from a year ago. The drop narrowed by 1.8 percentage points compared with the figures from the first two months, the Shanghai Statistics Bureau said today.
Imports suggested a tendency to a revival with domestic buyers spending more, purchasing US$7.04 billion worth of goods from abroad in January, US$8.23 billion in February and US$9.67 billion in March.
Exports also rebounded. March exports posted a growth of 25.9 percent on February after consecutive monthly drops since November last year.
Analysts with the bureau said exports to major markets, including the United States, Japan and Hong Kong, all presented slowing drops and gained for some emerging markets like Africa and Latin America.
"The influence of the global economic recession has eased with some countries posting better-than-expected performances," said Li Maoyu, an analyst with Changjiang Securities Co.
China's gross domestic product managed to rise 6.1 percent from a year ago in the first quarter while Shanghai's economy added 3.1 percent to 315 billion yuan (US$46.1 billion) as the world experienced the worst recession since the 1930s.
However, bureau analysts said the future of the city's trade was still hard to predict as business with the European Union, China's largest trading partner, continued to shrink in the first quarter and the economy of the US had a worse-than-expected performance through March.
Also, less orders for processed products from foreign companies, a major source of trade, may continue to dampen trade, analysts said. Earnings from processed products fell 27 percent from a year ago in the first quarter, dragging down the rate of trade by 11.3 percentage points.
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