Arab Today, arab today trade surplus shrinks as imports post surge
Last Updated : GMT 21:53:40
Arab Today, arab today
Arab Today, arab today

Trade surplus shrinks as imports post surge

Arab Today, arab today

Arab Today, arab today Trade surplus shrinks as imports post surge

Beijing - Xinhuanet

China\'s trade surplus narrowed in October as unexpectedly strong domestic demand lifted imports and weak US and European demand curbed export growth, official data released on Thursday show. Imports surged 28.7 percent year-on-year to $140.46 billion, the General Administration of Customs said on its website on Thursday. Exports increased 15.9 percent to $157.49 billion, the lowest in five months, the data show. The result was a trade surplus of $17.3 billion, down 36.5 percent year-on-year. \"The nearly 29 percent import increase caught us by surprise,\" said Hu Yanni, a macroeconomist at China Securities Co Ltd. \"The data show that domestic demand remains pretty good. Investment needs in China are better than expected,\" Hu said in a telephone interview. For the first 10 months, China imported 560 million tons of iron ore, up 10.9 percent, the customs statement said. Imports of machinery and electric products increased 15.6 percent to $619.9 billion, while vehicle imports were up 27.6 percent to 820,000, according to the data. \"The strong import growth shows that domestic demand remains strong,\" Zhang Zhiwei, an analyst with Nomura Securities, said in an e-mailed report. \"Robust domestic demand will help to support the soft landing of China\'s economy,\" he said. The government has more room to increase domestic demand, Hu said. Infrastructure construction in the western part of the country and investment in agriculture have the potential to further improve import demand, she said.The import surge also reflects the impact of government policies, analysts said. The government has been encouraging an increase in imports to achieve a better trade balance. It is formulating policies such as credit for importers and lower import tariffs, Premier Wen Jiabao has said. Imports will exceed $1.7 trillion in 2011 and total imports will amount to about $10 trillion over the next five years, Commerce Minister Chen Deming wrote recently. But the outlook for exports is less positive. Analysts said that the pace of export growth would keep sliding next year as Europe, China\'s largest foreign market, remained mired in a debt crisis, while the outlook for the US, the second-largest market, was uncertain. \"Weak external demand will restrain exports,\" said Zhang. \"Europe is China\'s largest market, and it has not shown any positive signs of improvement,\" said Hu. Shipment growth to the European Union slowed to 7.5 percent in October, compared with a 9.8 percent increase in September, customs data show. The Canton Fair, known as the barometer of China\'s trade, has also seen a decline in overseas orders. During the most recent session, which ended early this month, US orders were down 24 percent from last year and orders from Europe fell 19 percent, according to organizers of the event. Weakening external demand is causing hard times for small and medium-sized enterprises (SMEs) in southeast China, the country\'s main export hub. \"This is a tough time for SMEs,\" said Chen Yongfang, a trade official in Guangzhou, capital of Guangdong province. \"It has become pressing for these companies to transform themselves,\" he said. Some small companies, boxed in by a stronger yuan and rising labor costs, may have to close, according to Zhang Yujing, president of the China Chamber of Commerce for Import & Export of Machinery & Electronic Products. \"This is a wake-up call for the survivors to modernize,\" he said. \"Many small-scale businesses will die because they have been competing on low prices instead of advanced technology,\" said Chen Hanhui, vice-director of Tech-Long Packaging Machinery Co Ltd, China\'s leading packaging machinery manufacturer whose clients include Procter & Gamble Co and Coca-Cola Co. \"The industry needs to invest more in technology development and human resources,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today trade surplus shrinks as imports post surge Arab Today, arab today trade surplus shrinks as imports post surge

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Egyptair and Etihad Airways sign partnership

GMT 21:08 2017 Wednesday ,01 March

Egyptair and Etihad Airways sign partnership
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday