Growth of China's trade slowing

13:49, March 23, 2011      

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The growth in China's export and import value slowed down considerably in the first two months of 2011, with a notable rise in imported and exported product prices, said Yao Jian, spokesperson for the Ministry of Commerce (MOFCOM), on March 22.

China's combined import and export value increased 28 percent year on ear to reach 496 billon U.S. dollars in the first two months of 2011, Yao said.

The export value rose 21 percent to 247 billion U.S. dollars and the import value was up 36 percent to 248 billion U.S. dollars.

In February, China's import and export value hit 201 billion U.S. dollars, an increase of 11 percent.

The export value increased more than 2 percent to 97 billion U.S. dollars and the import value was up 19 percent to 104 billion U.S. dollars, representing a trade deficit of 7 billion U.S. dollars. This was the first monthly trade deficit since March 2010.

Yao said that China's imports and exports in the first two months of 2011 show three key features:

Yao said the foreign trade in January and February has the following features: First, there was a considerable drop in the import and export value growth and a noticeable rise in the imported and exported product prices.

Second, China saw a sharp decrease in the growth of exports to Europe and the United States and a stable growth in the exports to emerging markets.

Third, there was a surge in the general trade deficit and a stable growth in exports from the processing sector.

By People's Daily Online
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