China to Maintain Trade Surplus in 2003

Home>>Business

Last updated at: (Beijing Time) Friday, April 18, 2003

China to Maintain Trade Surplus in 2003

DISCUSSION

CHINESE

SEND TO FRIEND

China will maintain its trade surplus in 2003 despite one billion US dollars of trade deficit inthe first quarter, said Yao Jingyuan, spokesman for the National Bureau of Statistics (NBS), Thursday at a press conference.

This was China's first trade deficit since 1997. The trade surplus for the first quarter of 2002 was 7.3 billion US dollars.

The deficit was mainly due to the sharp rise in imports, Yao said, noting that the increased demand for imported energy and raw materials prompted by the rapidly growing economy, the increased need for foreign consumer goods driven by the upgraded consumption patterns of Chinese people and a more open market in China were all contributing factors.

Statistics show that the volume of exports and imports from January to March this year was 86.32 billion US dollars and 87.34 billion US dollars, up by 42.4 percent and 52.4 percent respectively over the same period last year.

China imported 22.22 million tons of crude oil and 5.95 million tons of finished oil products in the first quarter, and their respective value rose 1.38 folds and 1.48 folds due to expanding imports and higher prices on the world market.

The continuous tariff reductions and active domestic investment also led to 8.58 million tons of steel imports, up 74.7 percent year-on-year, and 47,000 imported automobiles and chassis, a 174 percent rise over the same period of 2002.

Quarterly or short-term trade deficit is quite normal and common in the global economy, Yao said, noting that the rapid growth of imports in the first quarter contributed greatly to the fast growth of China's economy.

China's imports and exports will continue to register rapid growth under current conditions, and the total volume of exports should exceed that of imports during the year, Yao said.

Questions?Comments? Click here

Chinese Economy Soaring Soundly: NBS Spokesman

China Reports US$1.03 Bn Trade Deficit in 1st Quarter of 2003

No Staff of Iraqi Embassy in China Seeking Asylum ( 3 Messages)

Change of DPRK's Attitude Attracts Attention ( 3 Messages)

Beijing Takes Innovative Measures to Control SARS: WHO Expert ( 4 Messages)

China Sees 9.9 Percent GDP Growth in First Quarter ( 5 Messages)

Seize Opportunities to Speed up Development: President ( 3 Messages)