Ministry predicts steady growth in trade
By Wang Yanlin |
April 23, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S trade may grow steadily this year despite many uncertainties, the Ministry of Commerce said in a report yesterday.
More expensive raw materials, rising labor costs and tighter monetary policies are expected to eat into traders' profits, especially in small and medium-sized enterprises, the report said.
The global business environment may also deteriorate because of unrest in other countries, but China's solid economic growth will uphold a stable expansion of trade, it said.
The growth rate of China's trade in 2011 may moderate from that of last year, and imports may advance faster than exports to create a more balanced trade, it said.
Last year, China's exports gained 31.3 percent year on year, and imports grew by 38.7 percent.
China saw a trade deficit of US$1.02 billion in the January-March quarter, the first quarterly deficit in six years. In comparison, there was a trade surplus of US$13.91 billion in the first quarter of last year.
China's exports increased 26.5 percent on an annual basis to US$399.64 billion in the first three months, while imports soared 32.6 percent to US$400.66 billion.
"Such a performance has set a good start for the year," the report said. "With the continuing recovery of the global economy, we have seen more orders from other countries amid rising external demand."
But market watchers said the performance might be distorted by higher inflationary pressure, the unfolding sovereign debt crisis in Europe, surging prices of commodities on the global market and variables caused by the earthquake in Japan.
China is aiming to rely less on exports and investment to power its economy.
Ministry spokesman Yao Jian said this week that China will stick to a policy of boosting imports despite its first quarterly trade deficit in six years.
More expensive raw materials, rising labor costs and tighter monetary policies are expected to eat into traders' profits, especially in small and medium-sized enterprises, the report said.
The global business environment may also deteriorate because of unrest in other countries, but China's solid economic growth will uphold a stable expansion of trade, it said.
The growth rate of China's trade in 2011 may moderate from that of last year, and imports may advance faster than exports to create a more balanced trade, it said.
Last year, China's exports gained 31.3 percent year on year, and imports grew by 38.7 percent.
China saw a trade deficit of US$1.02 billion in the January-March quarter, the first quarterly deficit in six years. In comparison, there was a trade surplus of US$13.91 billion in the first quarter of last year.
China's exports increased 26.5 percent on an annual basis to US$399.64 billion in the first three months, while imports soared 32.6 percent to US$400.66 billion.
"Such a performance has set a good start for the year," the report said. "With the continuing recovery of the global economy, we have seen more orders from other countries amid rising external demand."
But market watchers said the performance might be distorted by higher inflationary pressure, the unfolding sovereign debt crisis in Europe, surging prices of commodities on the global market and variables caused by the earthquake in Japan.
China is aiming to rely less on exports and investment to power its economy.
Ministry spokesman Yao Jian said this week that China will stick to a policy of boosting imports despite its first quarterly trade deficit in six years.
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