A report released by China's General Administration of Customs on Oct. 14, 2009 shows a sharp decline in exports.
The report shows that the total value of China’s imports and exports for the first three quarters of 2009 was down 20.9 percent to $US1.56 trillion when compared to the same period in 2008. The value of exports was down 21.3 percent to $US846.65 billion. The value of imports was also down 20.4 percent to $US711.17 billion. The overall balance of trade surplus was down 26 percent to $US135.48 billion.
Compared to Sept. 2008, the total value of imports and exports for Sept. 2009 declined 10.1 percent, with exports down 15.2 percent and imports down 3.5 percent.
The statistics show that China’s largest trading partner at present is the European Union, with the United States second, and Japan third.
However, trade with these three partners shows a substantial decline compared to the same period last year. Trade with Japan fell 20 percent, with Europe 19.4 percent, and with the U.S. 15.8 percent.
The Customs report also indicates that there was less decline in exports of labor-intensive products. The export of clothes and clothing accessories was down 10.2 percent compared with last year to US$ 78.54 billion; the export of electromechanical products was down 19.6 percent to $US 496.37 billion.
China imported 150 million tons of crude oil, an increase of 8.2 percent; 32.36 million tons of soybeans, an increase of 12.8 percent; and 13.38 million tons of steel, an increase of 8.6 percent.
Imports of vehicles declined 16.8 percent with 257,000 cars imported.
Statistics released by Bureau of Fair Trade for Imports and Exports of the Ministry of Commerce of the People’s Republic of China, show that in the first three quarters, 19 countries and regions launched 88 investigations regarding trade practices with China. The total value is about $US 10.2 billion, according to the state-run Xinhua report.
The Shanghai Evening Post reported that China has been the most frequent subject of anti-dumping investigations over the past 14 years. Between 2005 and 2008, it was also the most frequent subject of anti-subsidy investigations, according to a Shanghai Evening Post report.
Shihua Financial Information, a Chinese financial information services provider, commented that since China’s trade with other countries has developed rapidly, and China’s economic development depends heavily on exports, the trade protectionism practiced by other countries with regard to China is not good for China’s export recovery, and it will cause huge risks for China’s future economic development and growth. Consequently, it will have a bad impact on employment, the development of some related industries, people’s income, and the regime's tax revenues, etc.
Read the original Chinese article
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