Exports to get back on track this year
Print Edition
CHINA’S exports will hopefully return to positive territory this year as the latest monthly slump was partly caused by base effect, an official with the Ministry of Commerce said yesterday.
“The export structure is improving and the country’s share in the global market is steadily expanding — these trends have not been changed,” said Zhang Ji, assistant to the commerce minister.
China’s exports in the first seven months fell 0.9 percent year on year, with exports in July slumping 8.9 percent, compared with a 2.1 percent increase in June.
Zhang attributed July’s plunge to “exceptionally high” growth in the same period of last year, saying the decline would have been within a normal range if the base effect was excluded.
In July 2014, exports surged 14.5 percent year on year.
Though softening due to weaker external demand and rising costs, exports still outperformed those of other major economies, Zhang said.
Exports in the first six months by the United States and Japan fell by 5.2 percent and 8.1 percent, respectively, according to data from the World Trade Organization.
China’s exports rose by 0.9 percent in that period.
Zhang said there has been increased pressure on foreign trade, saying companies in the sector are having a hard time. Imports will likely stay weak, he said, but the downward momentum should be slower.
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