MOFCOM: China's trade surplus may further narrow next year

17:01, December 16, 2009      

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China's trade surplus may further narrow next year, and the trade volume is likely to return to 2008 levels until 2011, Chinese Ministry of Commerce (MOFCOM) spokesman Yao Jian said December 16. This shows that the Chinese Government believes that in short term, export sector will not become a major driver of economic growth again.

From January to November 2009, China's trade surplus reduced by 30 percent from a year earlier, constituting a drag on economic growth.

From January to November, China's total import and export value reached 1.96 trillion U.S. dollars, down 17.5 percent; exports hit 1.07 trillion U.S. dollars, down 18.8 percent; and imports 893.02 billion U.S. dollars, down 15.8 percent. Trade surplus reached 177.96 billion U.S. dollars, down 31.3 percent. In November, China's imports and exports totaled 208.21 billion U.S. dollars, an increase of 9.8 percent; among which exports reached 113.65 billion U.S. dollars, down 1.2 percent and imports 94.56 billion U.S. dollars, an increase of 26.7 percent.

However, Yao Jian also pointed out that after exports unexpectedly fell in November, in December 2009 exports may gain growth over the same period last year.

Yao said the financial crisis directly postponed the development of China's foreign trade for two to three years. However, from now until the first quarter of next year, China's imports will significantly increase. Next year's trade surplus will be further alleviated, which would make monetary policy in China become more effective, and improve trade relations with neighboring countries. In the future, Chinese enterprises will enter a phase of rapid development towards internationalization, and overseas mergers and acquisitions will accelerate.

Yao said China strongly opposed the proposal to impose carbon tariffs put forward by developed countries, because it will impede trade and affect economic growth in developing countries.

By People's Daily Online
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