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Forecast for slower trade growth in H2
By Wang Yanlin |
July 19, 2010, Monday
|
Online Edition
Online Edition
CHINA'S trade growth will moderate sharply in the second half due to Europe's sovereign debt crisis and revised tax rebates for exports, a government report said today.
Trade growth will slow quarter after quarter, with exports increasing 16.3 percent annually in the second half of this year, and imports advancing 19.3 percent, according to a forecast by the State Information Center, a unit under the National Development and Reform Commission, the country's top economic planner.
It contrasted with the expansion of 35.2 percent for exports in the first half, and imports' surge of 52.7 percent during the January-June period.
"The fading effect of a low comparative base, sapped global demand by the debt crisis in Europe and less tax rebate for exports will slow down the growth rate rapidly," the report said.
It also said China's trade has recovered to the 2008 level prior to the outbreak of the global financial crisis. Compared with then, it has demonstrated strength in less trade surplus and diversified destinations of traded goods.
In the first half, China's trade surplus dropped 42.5 percent from a year earlier to US$55.3 billion. In March, China even reported a trade deficit after a stronger import growth over that of exports.
Trade growth will slow quarter after quarter, with exports increasing 16.3 percent annually in the second half of this year, and imports advancing 19.3 percent, according to a forecast by the State Information Center, a unit under the National Development and Reform Commission, the country's top economic planner.
It contrasted with the expansion of 35.2 percent for exports in the first half, and imports' surge of 52.7 percent during the January-June period.
"The fading effect of a low comparative base, sapped global demand by the debt crisis in Europe and less tax rebate for exports will slow down the growth rate rapidly," the report said.
It also said China's trade has recovered to the 2008 level prior to the outbreak of the global financial crisis. Compared with then, it has demonstrated strength in less trade surplus and diversified destinations of traded goods.
In the first half, China's trade surplus dropped 42.5 percent from a year earlier to US$55.3 billion. In March, China even reported a trade deficit after a stronger import growth over that of exports.
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