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China’s trade pulls off despite odds
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CHINA’S trade performed comparatively well amid very weak external demand and rising costs, a Ministry of Commerce official said yesterday.
“The performance is indeed an achievement given the slowing investment at home, an appreciating yuan and rising costs of operation,” said Shen Danyang, a ministry spokesman.
The World Trade Organization said global trade slumped 11.1 percent from a year earlier in the first three quarters of this year. Brazil’s trade sank 16.8 percent, India’s fell 16.6 percent, the European Union’s shrank 12.8 percent, and Japan’s declined 9.2 percent.
China’s trade fell just 7.9 percent to 17.86 trillion yuan (US$2.8 trillion) in the first three quarters. The drop was smaller than the global average but it trailed the official target of 6 percent growth for the year.
Many of the more than 6,000 Chinese traders surveyed by the ministry said they felt global demand was even weaker than that in 2009 when the world was struggling with the global financial crisis.
But Shen said China “is set to keep its position as the world’s biggest trader, with an increasing share in global trade.”
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