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China's trade surplus forecast to hit US$90b
(Asia Pulse)
Updated: 2005-10-31 14:58
China's trade surplus is forecast to break a new high to reach US$90 billion this year, said a commerce ministry official at the 98th Chinese Export Commodities Fair trade fair in Guangzhou, capital of south China's Guangdong Province, on Friday.
China's foreign trade volume this year is expected to reach US$1.4 trillion, up 20 per cent year-on-year, said Li Rongcan, an official with the ministry when releasing China's autumn foreign trade report, which was jointly made by the ministry and the International Trade Economic Cooperation Institution.
China's foreign trade volume broke the benchmark of US$1 trillion at the end of the third quarter, which was two months before the record of last year, according to the report.
China's monthly foreign trade volume has exceeded US$100 billion seven months in a row. By the end of September, monthly exports have retained a 20 per cent growth rate for 39 months consecutively, Li said.
He said that China has taken effective measures to rein in the macro-economy in an effort to reduce unstable and unhealthy elements in the economy, which has caused dramatic falls in the import of raw materials and machinery equipment.
He cited the example of imports of steel products, which dropped by 3.93 million tons in the first three quarters, compared with that of the same period last year.
Li said that the total exports this year are estimated to reach US$746 billion, which would represent a rise of 26 per cent on-year.
Imports are expected to surge by 18 per cent on-year to reach US$655 billion.
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