China's Exports Expected to Grow Four Percent

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Last updated at: (Beijing Time) Sunday, December 02, 2001

China's Exports Expected to Grow Four Percent

Shanghai, the largest foreign trade port of China, reported the lowest growth rate of exports in October this year, with exports growing only 0.4 percent and import even a negative 5.7 percent.

Shanghai, the largest foreign trade port of China, reported the lowest growth rate of exports in October this year, with exports growing only 0.4 percent and import even a negative 5.7 percent.

Shanghai's exports totaled 56.78 billion US dollars from January to October, up 12.7 percent from the same period last year.

Shanghai showcases the exports of the whole country, hit by the worsening world economy. China's total exports in the first 10 months this year reached 217.58 billion US dollars, up 7.9 percent.

"Comparing with the growth rate of 27.8 percent of China's exports last year, the growth rate of the country's exports for the whole year of 2001 will be much lower, probably around 4 percent," said an expert with the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

The growth rate dropped monthly from February, when it was 27.8 percent, to June, which recorded a negative 0.6 percent. After July, the growth rate picked up a little bit, but still at a low level because of a high benchmark last year.

China's exports to the United States remained the largest among all its trading partners. It grew 4.2 percent in the first 10 months, at 45.18 billion US dollars. But the growth rate marked a 23 percentage points lower from the same period last year.

The country's exports to Japan climbed 8.4 percent to 36.56 billion US dollars, 24 percentage points lower. And China's exports to the European Union edged 6.5 percent to 33.53 billion US dollars, down 25.1 percentage points.

Experts estimate no dramatic change by the end of the year, given that the US economy slipped into recession, Japan mired in a sluggish economy for years and EU's economy is slowing down.

However, China's exports of high-tech products kept growing at a high speed. From January to October, the value of high-tech commodities exports added up to 36.465 billion US dollars, up 23.6 percent. The exports of high-tech goods has become an important force behind the exports growth.

"The exports for the first half of 2002 will be difficult under current international situation," said an expert. "But China is now striving to diversify its exports market and provide more technical assistance. It is also simplifying its procedures of exports following its entry into the World Trade Organization. The exports for next year will remain stable."

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