Trade surplus falls as export reliance fades
By Wang Yanlin |
January 11, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S trade surplus fell by 6.4 percent in 2010 from a year earlier after government efforts to increase imports and reduce reliance on exports.
The General Administration of Customs said the surplus had been cut to US$183.1 billion.
The proportion of surplus to total trade value declined to 6.2 percent in 2010 from 2009's 8.9 percent and 2008's 11.6 percent.
Trade value ended at US$2.97 trillion in 2010, a surge of 34.7 percent from a year earlier. Exports increased 31.3 percent to US$1.58 trillion, while imports jumped to US$1.39 trillion, up 38.7 percent year-on-year.
"While a lot of uncertainties still exist in the external world, China is wise to accelerate the pace of its economic restructuring and rely less on exports," said Xue Jun, an analyst at CITIC Securities Co.
Both exports and imports shot to a record high last month.
Exports in December increased 17.9 percent on an annual basis to US$154.1 billion, and imports rose 25.6 percent to US$141.1 billion, a US$13 billion surplus. It was a dramatic drop from November's US$22.9 billion and US$27.1 billion in October, and was the year's smallest since April.
Vice Commerce Minister Zhong Shan said last month that China was aiming to strengthen its position as a major trader in the next decade although the country is trying hard to shift to an economy powered by domestic consumption.
He said China wouldn't curb exports to balance its trade. Instead, it will try to bolster imports and outbound foreign investment, as well as increase trade of services.
Despite a dwindling trade surplus, pressure for a stronger yuan remains, said Chang Jian, an economist at Barclays Capital.
"Still sizable capital inflows, along with net foreign direct investment and hot money inflows point to continued appreciation pressures," Chang said.
The Chinese currency climbed 1.2 percent in December, the biggest monthly gain of the quarter. It ended at 6.63 yuan per dollar yesterday.
The pressure may peak this month when President Hu Jintao begins an official visit to the United States on January 18. According to US media reports, currency will be on the agenda when Hu meets US President Barack Obama.
The European Union remained China's biggest trading partner with a bilateral trade value of US$479.7 billion last year, up 31.8 percent from a year earlier. It was followed by the US and Japan, at US$385.3 billion and US$297.7 billion respectively.
Shanghai's trade surged 32.8 percent on an annual basis to US$368.8 billion in 2010, coming third after Guangdong and Jiangsu provinces.
The General Administration of Customs said the surplus had been cut to US$183.1 billion.
The proportion of surplus to total trade value declined to 6.2 percent in 2010 from 2009's 8.9 percent and 2008's 11.6 percent.
Trade value ended at US$2.97 trillion in 2010, a surge of 34.7 percent from a year earlier. Exports increased 31.3 percent to US$1.58 trillion, while imports jumped to US$1.39 trillion, up 38.7 percent year-on-year.
"While a lot of uncertainties still exist in the external world, China is wise to accelerate the pace of its economic restructuring and rely less on exports," said Xue Jun, an analyst at CITIC Securities Co.
Both exports and imports shot to a record high last month.
Exports in December increased 17.9 percent on an annual basis to US$154.1 billion, and imports rose 25.6 percent to US$141.1 billion, a US$13 billion surplus. It was a dramatic drop from November's US$22.9 billion and US$27.1 billion in October, and was the year's smallest since April.
Vice Commerce Minister Zhong Shan said last month that China was aiming to strengthen its position as a major trader in the next decade although the country is trying hard to shift to an economy powered by domestic consumption.
He said China wouldn't curb exports to balance its trade. Instead, it will try to bolster imports and outbound foreign investment, as well as increase trade of services.
Despite a dwindling trade surplus, pressure for a stronger yuan remains, said Chang Jian, an economist at Barclays Capital.
"Still sizable capital inflows, along with net foreign direct investment and hot money inflows point to continued appreciation pressures," Chang said.
The Chinese currency climbed 1.2 percent in December, the biggest monthly gain of the quarter. It ended at 6.63 yuan per dollar yesterday.
The pressure may peak this month when President Hu Jintao begins an official visit to the United States on January 18. According to US media reports, currency will be on the agenda when Hu meets US President Barack Obama.
The European Union remained China's biggest trading partner with a bilateral trade value of US$479.7 billion last year, up 31.8 percent from a year earlier. It was followed by the US and Japan, at US$385.3 billion and US$297.7 billion respectively.
Shanghai's trade surged 32.8 percent on an annual basis to US$368.8 billion in 2010, coming third after Guangdong and Jiangsu provinces.
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