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Volatile dollar drains China's export profit
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17:20, August 25, 2009

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In the first half of 2009, the average profit margin made by China's exporters was just 1.5 percent, down 6.2 percent year-on-year, said Xu Jia'ai, deputy director-general of the Department of Finance under the Ministry of Commerce (MOFCOM).

Xu said that this year China's foreign trade is facing a grim situation. This is mainly due to shrinking foreign demand. However, sharp fluctuations in the U.S. dollar and other main settlement currencies used in international trade are also an important factor.

Since the beginning of this year, U.S. dollar exchange rate's severe fluctuations have significantly increased uncertainty in China's foreign trade and increased risks for China's exporters. Some foreign trade enterprises that chose the wrong settlement currency have suffered a significant amount of exchange rate losses, severely impacting their profits.

Between January and July, the total value of China's imports and exports reached 1.15 trillion U.S. dollars, down by 22.7 percent year-on-year. Of this, exports reached 627.1 billion U.S. dollars, down by 22 percent year-on-year; and imports reached 519.62 billion U.S. dollars, down by 23.6 percent year-on-year.

By People's Daily Online



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