China’s foreign trade up 6.2% in 2012; lower than target

10 January 2013 06:40  [Source: ICIS news]

SINGAPORE (ICIS)--While China’s foreign trade grew by 6.2% in 2012, it is still lower than the 10% forecast, official statistics showed on Thursday.

However, China Customs’ spokesman Zheng Yuesheng said the growth was a positive result, despite falling short of the country’s target, given the weak global economic conditions throughout 2012.

China’s foreign trade had outperformed nearly all other major economies in the world, Zheng added.

Exports in 2012 rose by 7.9% from 2011 to $2,048.9bn, while imports increased by 4.3% to $1,817.8bn, China Customs data indicated.

As a result, the country's trade surplus in 2012 reached $231.1bn, a 48.1% increase from the previous year.

In 2012, China’s exports were severely hit by weakening demand from major economies such as the US, Europe and Japan, while imports were dampened by waning domestic demand, Zheng said.

Furthermore, the price competiveness of Chinese goods has been blunted by rising production cost and increased trade protectionism against China, Zheng added. 

“It’s really difficult for us to achieve that [growth],” he said.

By: Fanny Zhang
+65 6780 4359

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