Exports slow but trade hits record
By Wang Yanlin |
January 11, 2012, Wednesday
|
Print Edition
Print Edition
China's export growth continued to slow in December but last year's overall trade still reached a record high and there was a sharp contraction in the country's trade surplus.
Exports in December expanded 13.4 percent from the year before to US$174.7 billion, the slowest pace in 10 months and weakening further from November's 13.8 percent, the General Administration of Customs said yesterday.
Imports grew 11.8 percent annually in December to US$158.2 billion, compared to the previous month's 28.7 percent.
"Dwindling domestic demand for industrial production at the year end is a major reason for the sharp moderation in import growth in December," said Lu Zhiming, a Bank of Communications analyst.
"A higher comparative base also contributed to the slowdown," Lu said.
Export growth turned out to be better than expected last month, Lu said. It indicated a stabilizing pace from the influence of economic woes in the eurozone and the United States.
The performance last month thus wrapped up China's trade in 2011 at US$3.64 trillion, an increase of 22.5 percent from a year earlier and creating a new record in terms of trade value.
Last year's trade surplus settled at US$155.1 billion, down 14.5 percent from 2010's US$181.5 billion.
"Although trade growth continued to slow down in the second half of last year, it became more balanced with imports and exports developing more coordinately," the customs said. The surplus accounted for 4.3 percent of total trade, 1.8 percentage points less than that in 2010.
"Such a level is widely accepted and will reduce political pressure in the outside world for a stronger yuan," said Xue Jun, an analyst at CITIC Securities Co.
China's trade also became more optimized in structure with fewer exports of OEM (original equipment manufacturer) goods, or fewer value-added works of assembling parts produced overseas, the customs said.
It added that China also managed to diversify its trading partners. The weight of the European Union and the US was reduced last year while trade with emerging markets such as Russia, Brazil and India soared.
Although the EU remained China's biggest trading partner, bilateral trade only increased 18.3 percent from a year earlier in 2011, compared to China's overall trade growth of 22.5 percent. Trade with the US rose an even weaker 15.9 percent.
In comparison, bilateral trade with South Africa surged 76.7 percent last year while shipments with Russia and Brazil rose 42.7 percent and 34.5 percent.
Shanghai's trade expanded 18.5 percent on an annual basis to US$437.3 billion in 2011, coming after Guangdong and Jiangsu provinces in trade value.
Barclays Capital said yesterday that China's export growth may slow to 10 percent this year, and import growth to 13 percent.
Exports in December expanded 13.4 percent from the year before to US$174.7 billion, the slowest pace in 10 months and weakening further from November's 13.8 percent, the General Administration of Customs said yesterday.
Imports grew 11.8 percent annually in December to US$158.2 billion, compared to the previous month's 28.7 percent.
"Dwindling domestic demand for industrial production at the year end is a major reason for the sharp moderation in import growth in December," said Lu Zhiming, a Bank of Communications analyst.
"A higher comparative base also contributed to the slowdown," Lu said.
Export growth turned out to be better than expected last month, Lu said. It indicated a stabilizing pace from the influence of economic woes in the eurozone and the United States.
The performance last month thus wrapped up China's trade in 2011 at US$3.64 trillion, an increase of 22.5 percent from a year earlier and creating a new record in terms of trade value.
Last year's trade surplus settled at US$155.1 billion, down 14.5 percent from 2010's US$181.5 billion.
"Although trade growth continued to slow down in the second half of last year, it became more balanced with imports and exports developing more coordinately," the customs said. The surplus accounted for 4.3 percent of total trade, 1.8 percentage points less than that in 2010.
"Such a level is widely accepted and will reduce political pressure in the outside world for a stronger yuan," said Xue Jun, an analyst at CITIC Securities Co.
China's trade also became more optimized in structure with fewer exports of OEM (original equipment manufacturer) goods, or fewer value-added works of assembling parts produced overseas, the customs said.
It added that China also managed to diversify its trading partners. The weight of the European Union and the US was reduced last year while trade with emerging markets such as Russia, Brazil and India soared.
Although the EU remained China's biggest trading partner, bilateral trade only increased 18.3 percent from a year earlier in 2011, compared to China's overall trade growth of 22.5 percent. Trade with the US rose an even weaker 15.9 percent.
In comparison, bilateral trade with South Africa surged 76.7 percent last year while shipments with Russia and Brazil rose 42.7 percent and 34.5 percent.
Shanghai's trade expanded 18.5 percent on an annual basis to US$437.3 billion in 2011, coming after Guangdong and Jiangsu provinces in trade value.
Barclays Capital said yesterday that China's export growth may slow to 10 percent this year, and import growth to 13 percent.
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