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January sees China trade surplus down 53.5%
By Wang Yanlin |
February 14, 2011, Monday
|
Online Edition
Online Edition
CHINA'S trade surplus fell 53.5 percent from a year earlier in January with imports growing faster than exports, easing pressure for a stronger yuan.
Trade surplus was cut more than expected to US$6.45 billion last month, the General Administration of Customs said today.
The contraction in trade surplus was caused by surging imports which jumped 51 percent to US$144.28 billion while exports expanded 37.7 percent to 150.73 billion.
The country's foreign trade picked up dramatically in December when imports rose 25.6 percent and exports 17.9 percent.
The Customs attributed the rapid pace of growth to front-loaded trade activities before the Spring Festival holiday.
China's trade has been restored to the level prior to the global financial crisis in 2008. But China still wants to reduce its reliance on exports and stimulate domestic consumption to power its economy.
Li Maoyu, a Changjiang Securities Co analysist, said a robust trade helps China to win more time for that transition.
"Export continues to have a heavy weight in China's economy," Li said. "Faster-than-expected trade growth can compensate for China's slowing pace because of economic restructuring."
Vice Commerce Minister Zhong Shan said China aims to strengthen its position as a big trader in the new decade although the country will try hard to boost domestic consumption.
He said China won't curb exports to balance its trade. Instead, it will try to bolster imports, overseas investment, and trade of services.
Trade surplus was cut more than expected to US$6.45 billion last month, the General Administration of Customs said today.
The contraction in trade surplus was caused by surging imports which jumped 51 percent to US$144.28 billion while exports expanded 37.7 percent to 150.73 billion.
The country's foreign trade picked up dramatically in December when imports rose 25.6 percent and exports 17.9 percent.
The Customs attributed the rapid pace of growth to front-loaded trade activities before the Spring Festival holiday.
China's trade has been restored to the level prior to the global financial crisis in 2008. But China still wants to reduce its reliance on exports and stimulate domestic consumption to power its economy.
Li Maoyu, a Changjiang Securities Co analysist, said a robust trade helps China to win more time for that transition.
"Export continues to have a heavy weight in China's economy," Li said. "Faster-than-expected trade growth can compensate for China's slowing pace because of economic restructuring."
Vice Commerce Minister Zhong Shan said China aims to strengthen its position as a big trader in the new decade although the country will try hard to boost domestic consumption.
He said China won't curb exports to balance its trade. Instead, it will try to bolster imports, overseas investment, and trade of services.
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