China's Foreign Trade Expected to Grow 6 Percent in 2002

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Last updated at: (Beijing Time) Tuesday, May 14, 2002

China's Foreign Trade Expected to Grow 6 Percent in 2002

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China's foreign trade is expected to grow about six percent to 540 billion U.S. dollars in 2002, according to a report released Monday in Beijing by the Chinese Academy of International Trade and Economic Cooperation (CAITEC).

CAITEC, a research and advisory arm affiliated to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), predicted that China's exports would rise 5 per cent while imports would increase 7 per cent in 2002.

During the January-March period this year, China's trade volume reached 122.04 billion U.S. dollars, a year-on-year growth of 7.7 per cent, with exports up 9.9 per cent to 64.66 billion U.S. dollars and imports up 5.2 per cent to 57.38 billion U.S. dollars, according to MOFTEC.

The report says machinery and electronics plus high-tech products provided the main driving forces to foreign trade growth. The growth rate for ordinary exports fell while processing trade rose steadily.

Coastal provinces like Zhejiang and Guangdong maintained their fast growth in foreign trade while the growth rate for inland provinces dropped.

World and domestic conditions for China's foreign trade improved

In contrast with exports to Japan and the European Union, China 's exports to the United States, the Association of Southeast Asian Nations and the Republic of Korea as well as Hong Kong and Taiwan grew faster than the average rate, according to CAITEC.

CAITEC President Zheng Zhihai said world and domestic conditions for China's foreign trade had improved, coupled with the U.S. economic recovery and the multilateral and unconditional most-favored-nation treatment China enjoys in export after its accession to the World Trade Organization.

Affected by the global economic downturn, the devaluation of the Japanese yen and difficulties faced by the Chinese government in managing trade, China's foreign trade growth would face obstacles, Zheng said.

"If a robust world economic recovery comes, China's foreign trade may grow faster than expected this year," he said.

Figures: China's Monthly Foreign Trade in 2002

China's monthly foreign trade in 2002, with the value in billion U.S. dollars and the change on a year-on-year basis:

Month Total Change Export Change Import Change

January 40.673 25.7%; 21.703 29.2%; 18.970 21.9%

February 35.056 -5.8%; 19.137 0.8%;15.913 -12.7%

March 46.302 5.8%; 23.818 3.4%; 22.484 8.4%

Source: General Administration of Customs

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Figures: China's Monthly Foreign Trade in 2002

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