Latest News:  
Beijing   Light rain    27 / 22 ℃  City Forecast

English>>China Business

China's exports remain weak amid global downturn

( )

08:19, September 11, 2012

BEIJING, Sept. 10 (Xinhua) -- China's exports improved slightly in August, indicating prolonged weakness in the global economy, according to data released Monday by the General Administration of Customs (GAC).

Exports increased 2.7 percent year on year to 177.97 billion U.S. dollars in August, up from 1 percent recorded in July but marking a sharp drop from 11.3 percent growth in June.

The figure was better than the negative growth data some economists had previously forecast.

Imports beat forecasts to drop for the third consecutive month, falling 2.6 percent from a year earlier to 151.31 billion U.S. dollars in August.

The trade surplus rose moderately to 26.66 billion U.S. dollars in August from 25.2 billion U.S. dollars the previous month.

In the January-August period, total foreign trade reached 2.5 trillion U.S. dollars, an increase of 6.2 percent from last year but below the 10-percent full-year growth target set by the government for 2012.

The figures indicated little improvement in China's external environment and highlighted the need for carrying out more stimulus measures to boost the domestic market and shore up growth, said Liu Ligang, an economist with ANZ National Bank Ltd.

"The government is also likely to implement measures soon to boost trade, which include hiking export tax rebates," Liu said, adding that he expects that the year's 10-percent trade target could be hardly achieved.

China's exports have been hit by struggling overseas markets since the financial crisis, especially in debt-ridden Europe and the slowly-recovering United States.

Trade with the European Union, China's largest trade partner, dropped 1.9 percent year on year in the January-August period to 365.05 billion U.S. dollars, the figures show.

Trade with the United States, its second-largest trade partner as well as a country also hoping to revitalize domestic manufacturing, grew at a slower pace. Trade between the two countries climbed 9.6 percent year on year in the first eight months, compared to over 20 percent in past years.

Chinese exporters, most of whom are original equipment manufacturers, or OEMs, are struggling with the sharply down external market, rising trade barriers and foreign exchange losses, said Lin Yiming, vice president of Hangzhou-based Astronergy Solar, a leading Chinese photovoltaic manufacturer.

Lin said the company has cut its OEM businesses in light of the EU's anti-dumping probe on Chinese photovoltaic products.

【1】 【2】

News we recommend:
Diaoyu row hurts Japanese car sales in China New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy


Leave your comment0 comments

  1. Name


Selections for you

  1. Special operation members conduct anti-piracy training

  2. North Korea in festive mood for National Day

  3. Inflation rebounds to 2% in August

  4. Chinese brand NE TIGER displayed in Milan Global Fashion Summit

  5. Trainings of U.S. Navy Seals

  6. Extinct architectures in China

Most Popular


  1. Commentary: Short sellers preying on firms
  2. The second sex
  3. APEC injects new impetus into growth
  4. Videos, museum help defend Diaoyu Islands claim
  5. ASEAN 'must not take sides in disputes'

What's happening in China

Students resume classes in tents in quake-hit areas

  1. U.S. citizen detained for carrying hazardous goods
  2. China's employment situation 'generally stable'
  3. Better use of China's social media called
  4. Red Cross embraces challenges
  5. Daily necessities available in Yunnan quake zone

China Features

  1. Cooperation promote sustainable economic growth
  2. Exclusive:A probe into GM rice test
  3. How much we continue to pay for 'face saving? '
  4. Entering China's northernmost village
  5. Italy makes efforts to attract Chinese students

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture