China's trade surplus expected to drop $100 bln in 2010

12:21, April 15, 2010      

Email | Print | Subscribe | Comments | Forum 

In 2010, China's trade surplus may dip another 100 billion U.S. dollars following a 34 percent decrease last year, said Yao Jian, spokesman of China's Ministry of Commerce (MOFCOM) Wednesday.

In the first quarter of 2010, China's exports grew almost 29 percent year-on-year to 316.17 billion U.S. dollars, while imports surged nearly 65 percent to 301.7 billion U.S. dollars. The trade surplus in the first three months was 14.5 billion U.S. dollars, around 77 percent lower than that of the first quarter of 2009.

China's trade surplus dropped by around 100 billion U.S. dollars in 2009. If the figure decreases by another 50 percent in 2010, it will be 100 billion U.S. dollars lower than that of 2009, Yao said.

"China's 2010 target is to assure overseas markets while seeking a more balanced trade structure," he said.

The country's trade surplus peaked in 2008. The Chinese government implemented policies to balance China's trade structure in the period from 2007 to 2008.

"The March trade deficit was a result of those policies," Yao said.

He noted that robust domestic demand boosted China's imports.

"Trade deficit in March reveals that the outbound environment is still cold while the domestic market is warming up. For this reason, a monthly trade deficit will likely continue in the first half of 2010."

The March deficit is also believed to be a sign of improvement for China's balance of payments.

"In 2009, the current account surplus accounted for around 5.8 percent of China's GDP. The ratio is likely to fall to 3 or 4 percent in 2010," Yao said. The critical point is said to be 5 percent.

However, Yao also emphasized the importance of the stability and continuity of favorable policies to boost exports while the unemployment rate in other major economies remains high and consumers' demand is still sluggish.

By People's Daily Online

(Editor:祁澍文)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion