Economy

Situation not to worsen in China's 2010 foreign trade

By Mei Xinyu (People's Daily Online)
Updated: 2010-08-19 14:13

China's export rose to 145.52 billion US dollars in July, up 38.1 percent year on year; China's import and export value for July was 262.31 billion dollars, up 30.8 percent year on year. Among them, imports amount to 116.79 billion US dollars.

China's import and export in June reached 254.77 billion US dollars, of which export 137.4 billion US dollars, up 43.9 percent, breaking the record set in July 2008. Both the July monthly export and the month's import and export value chalked up their records for the second month.

China's three leading foreign trade targets from January to July 2010 exceeded or surpassed the related target figures during the same period of 2008, and the total import and export value rose 9 percent, the export 5.9 percent and the import 12.7 percent.

China has shown a fairly strong economic stability in the global financial crisis. Even though the external economic environment remains unclear in the second half of 2010, people also have ample reasons to believe that the share of China's foreign trade on the world market would not drop but is likely to rise.

The scope of rise for China's general trade outstripped the rise scope for the total trade volume in the first seven months of the year. General import and export trade reached 812.11 billion US dollars, up 44.3 percent year on year, the export reached 390.12 billion dollars, up 38.3 percent, and the import 421.99 billion US dollars, up 50.3 percent.

The prices of main manufactured industrial goods have kept rising since January 2010, and the anticipated market inflation is tense, but an increase range for the resident consumption price index (CPI) has not been out of control compared to the same period of previous years thanks to effective fluidity control or recovery measures.

Moreover, owing to global extreme climate conditions and some hidden risks latent in domestic infrastructure development, China has resumed the large-quantity corn import and imported 600,000 tons of rice from Vietnam (three times the amount of rice China imported in the first half year) so that this could possible add pressure on further grain price rise on the world market.

Meanwhile, an upward surge of import mineral prices have already stimulated China's domestic production; the domestic produced iron ore output amounted to 485.03 million tons in the first half year alone, an increase of 28 percent year on year.