Imports jump gives China trade deficit of US$884m
By Wang Yanlin |
April 11, 2013, Thursday
|
Print Edition
Print Edition
CHINA reported its first monthly trade deficit in more than a year in March with imports rebounding strongly after the Chinese New Year.
Exports rose 10 percent from a year earlier to US$182.2 billion last month, down from February's 21.8 percent surge, the General Administration of Customs said yesterday, while imports jumped 14.1 percent to US$183.1 billion, reversing February's 15.2 percent drop.
This left a trade deficit of US$884 million in March, the first since February last year, and in sharp contrast to this February's US$15.3 billion surplus.
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said the growth in imports was much faster than expected and "mainly driven by a surge of imports from the United States and other markets."
Over the first quarter, China's imports from the US rose 20.1 percent, from Russia 70.1 and New Zealand 31.1 percent.
China is exploring domestic demand and expanding imports as a key driver of its economy.
Many countries are betting on the growing purchasing power of Chinese consumers.
For example, Brazil has made China a strategic market for its fashion industry, expecting higher recognition and more demand for Brazilian shoes, clothes and jewelry.
Cesar Yu, chief representative of ApexBrasil's Beijing office, said China had become a key client because while overall Brazilian footwear exports fell last year, exports to China were rising.
Zhang Zhiwei, a Nomura economist, said March's trade figures supported his view that the raft of activity data to be released next Monday should confirm a consolidating economic recovery.
However, there were reports questioning the accuracy of the trade figures because they didn't match much lower figures reported by other countries and regions, Hong Kong in particular.
Zheng Yuesheng, a customs spokesman, said the difference was the result of different calculating methods and standards.
"For example, we measure a product with its full value instead of value added," Zheng said.
"Also, if a product is exported via Hong Kong as a first stop and without a final destination available, we calculate it as exports to Hong Kong."
Also, Zheng said, some multinational companies moved their logistics centers to southern Shenzhen City from Hong Kong last year to reduce costs ? another element helping to create a 71.2 percent jump in trade between the Chinese mainland and Hong Kong in the first quarter.
China's exports jumped 18.4 percent and imports increased 8.4 percent during the January-March period, resulting in a trade surplus of US$43 billion for the first quarter, the Customs data showed.
March's trade deficit may send a powerful signal that a strong yuan can no longer be tolerated, analysts said, noting the yuan's current appreciation was because of capital inflows, and was not in China's interests amid a significant yen weakness and a strong US dollar.
In the first three months, China's shipments to the European Union, its largest trading partner, fell 1.9 percent to US$48 billion amid new concerns for the region's economic health. Trade with Japan lost 10.7 percent, mainly due to continuing tensions over a territory dispute.
Exports rose 10 percent from a year earlier to US$182.2 billion last month, down from February's 21.8 percent surge, the General Administration of Customs said yesterday, while imports jumped 14.1 percent to US$183.1 billion, reversing February's 15.2 percent drop.
This left a trade deficit of US$884 million in March, the first since February last year, and in sharp contrast to this February's US$15.3 billion surplus.
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said the growth in imports was much faster than expected and "mainly driven by a surge of imports from the United States and other markets."
Over the first quarter, China's imports from the US rose 20.1 percent, from Russia 70.1 and New Zealand 31.1 percent.
China is exploring domestic demand and expanding imports as a key driver of its economy.
Many countries are betting on the growing purchasing power of Chinese consumers.
For example, Brazil has made China a strategic market for its fashion industry, expecting higher recognition and more demand for Brazilian shoes, clothes and jewelry.
Cesar Yu, chief representative of ApexBrasil's Beijing office, said China had become a key client because while overall Brazilian footwear exports fell last year, exports to China were rising.
Zhang Zhiwei, a Nomura economist, said March's trade figures supported his view that the raft of activity data to be released next Monday should confirm a consolidating economic recovery.
However, there were reports questioning the accuracy of the trade figures because they didn't match much lower figures reported by other countries and regions, Hong Kong in particular.
Zheng Yuesheng, a customs spokesman, said the difference was the result of different calculating methods and standards.
"For example, we measure a product with its full value instead of value added," Zheng said.
"Also, if a product is exported via Hong Kong as a first stop and without a final destination available, we calculate it as exports to Hong Kong."
Also, Zheng said, some multinational companies moved their logistics centers to southern Shenzhen City from Hong Kong last year to reduce costs ? another element helping to create a 71.2 percent jump in trade between the Chinese mainland and Hong Kong in the first quarter.
China's exports jumped 18.4 percent and imports increased 8.4 percent during the January-March period, resulting in a trade surplus of US$43 billion for the first quarter, the Customs data showed.
March's trade deficit may send a powerful signal that a strong yuan can no longer be tolerated, analysts said, noting the yuan's current appreciation was because of capital inflows, and was not in China's interests amid a significant yen weakness and a strong US dollar.
In the first three months, China's shipments to the European Union, its largest trading partner, fell 1.9 percent to US$48 billion amid new concerns for the region's economic health. Trade with Japan lost 10.7 percent, mainly due to continuing tensions over a territory dispute.
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