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Grim global climate hurts foreign trade
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POOR global economic performance, rising corporate costs and falling commodity prices dragged down China’s foreign trade this year, a senior Chinese customs official said yesterday.
Yu Guangzhou, chief of the General Administration of Customs, told a press conference that in the first 11 months, China’s foreign trade dropped 7.8 percent year on year to 22.1 trillion yuan (US$3.4 trillion), with exports down 2.2 percent and imports off 14.4 percent.
The decline is mainly attributed to a grim global climate, Yu said.
The world’s total exports fell 11 percent year on year in the first three quarters, data from the World Trade Organization showed.
China bore the major brunt, especially in exports, Yu said. But it still outperformed other major economies including the European Union, US and Japan in exports, he noted.
Apart from the global environment, China’s rising wages and strong currency added to the burden of Chinese exporters and weakened their competitive edge, Yu said.
Moreover, the drop in commodity prices was estimated to have cut imports by 11.2 percentage points and exports by 0.7 percentage points, Yu said.
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