Ministry: China's trade surplus to fall sharply

15:50, May 17, 2010      

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China's trade surplus will fall sharply in 2010, said Yao Jian, spokesman of China's Ministry of Commerce (MOFCOM) at a press conference today. In addition, the yuan's recent appreciation against the euro will add pressure on China's export-oriented sectors.

Data released by the MOFCOM today showed that China's trade surplus in the first four months of 2010 totaled 16.11 billion U.S. dollars, down 78.6 percent year-on-year. China's imports have grown by 60.1 percent from January to April, twice as much as its exports.

"These figures have generally set the trend of China's foreign trade in 2010," Yao said. "China's trade surplus for the whole of 2010 will see a sharp decline."

In addition, due to the rise of commodity prices and domestic demand, China recorded 39.3 billion U.S. dollars of deficit in general trade from January to April.

China's trade surplus reached 196.1 billion U.S. dollars in 2001, hitting a record high.

As to the impact of the Greek debt crisis, Yao noted that the huge fluctuations in the financial market, which was the result of the crisis in Europe, will hinder the global recovery.

The sluggish economic situation in the EU, China's largest export market, will affect China's export outlook. Meanwhile, the yuan gained by 14.5 percent against euro in the first four months of 2010, adding cost pressure on China's export-oriented enterprises.

"This will have influence on China when formulating trade policies," said Yao.

By People's Daily Online


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