Shanghai's growth in trade slows sharply
By Wang Yanlin |
October 18, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S growth in trade weakened sharply in September due to a stronger yuan, a moderating local economy and stubbornly high inflation, the Shanghai Statistics Bureau said yesterday.
The city's exports expanded 11.1 percent from a year earlier to US$17.8 billion last month, while imports rose 18.7 percent on an annual basis to US$20.1 billion. But both figures slowed from August when exports jumped 21.7 percent and imports surged 27.1 percent.
Yan Jun, a spokesman for the bureau, said the weaker-than-expected growth mirrored a larger trend of a slower pace of expansion for China's trade.
"Shrinking external demand, uncertainties about the direction of the Chinese currency, together with a moderating economy in the city, may lead to slower trade growth in the months to come," Yan said.
Shanghai's trade with the United States and the European Union, two regions hard hit by economic crises, grew by single digit last month, a sharp drop from the average growth rate of 15 percent previously.
China's trade surplus in September fell for a second month due to a weaker rise in exports while growth in imports also eased.
Premier Wen Jiabao pledged over the weekend that more support measures for exporters, including a stable exchange rate, will be unveiled.
Wen made the remarks in Guangzhou where a national trade fair was taking place. It also coincided with the recent passage of a bill in the United States Senate which aimed at putting pressure on China to allow for a quicker appreciation in the yuan.
The city's exports expanded 11.1 percent from a year earlier to US$17.8 billion last month, while imports rose 18.7 percent on an annual basis to US$20.1 billion. But both figures slowed from August when exports jumped 21.7 percent and imports surged 27.1 percent.
Yan Jun, a spokesman for the bureau, said the weaker-than-expected growth mirrored a larger trend of a slower pace of expansion for China's trade.
"Shrinking external demand, uncertainties about the direction of the Chinese currency, together with a moderating economy in the city, may lead to slower trade growth in the months to come," Yan said.
Shanghai's trade with the United States and the European Union, two regions hard hit by economic crises, grew by single digit last month, a sharp drop from the average growth rate of 15 percent previously.
China's trade surplus in September fell for a second month due to a weaker rise in exports while growth in imports also eased.
Premier Wen Jiabao pledged over the weekend that more support measures for exporters, including a stable exchange rate, will be unveiled.
Wen made the remarks in Guangzhou where a national trade fair was taking place. It also coincided with the recent passage of a bill in the United States Senate which aimed at putting pressure on China to allow for a quicker appreciation in the yuan.
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