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China's trade statistics in June reflect slowing global demand growth
PostTime:2012-07-12 09:22:42 View:958
CHINA's import and export growth slowed sharply in June from the previous month, reflecting stagnating economic conditions in China and abroad, Reuters reported. Imports rose 6.3 per cent year on year in June, the customs administration said, less than half the 12.7 per cent increase forecast by economists polled by Reuters, and down sharply from the 12.7 per cent increase in May. Exports grew 11.3 per cent year on year in June, above economist estimates of a 9.9 per cent increase but down from May's strong increase of 15.3 per cent. The country's trade surplus widened to US$31.7 billion in June, above a forecast of $21 billion and up from $18.7 billion in May. "In today's 'accentuate the negative' world, this is going to put the focus on the domestic demand angle and the hard landing story," said Tim Condon, chief economist and head of Asian economic research at IGN in Singapore. Officials blamed the European debt crisis as the cause of Beijing's inability to meet its 10 per cent target for trade growth this year as the EU was over taken by the United States as China's main export destination. "China's exports to the European Union actually fell in the first half. Our exports to Germany have been falling for four consecutive months and exports to France have been on decline for three straight months, too. Our exports to Italy have been falling for 10 straight months since September," said China Customs spokesman Zheng Yuesheng. Said HSBC economist Sun Junwei: "Exports are better than expected, but I don't think this means that we shouldn't be concerned about exports. The United States replaced Europe to become our largest exporting market in the first half. However, US economic recovery is not stable yet, and its demand for our goods has not returned to the level seen before." Exports to the EU fell 0.8 per cent in the first half of 2012 to $163.1 billion, while to the United States they rose 13.6 per cent to $165.3 billion. China imported $65.8 billion worth of US goods in the first six months, up 7.9 per cent.
Chongqing five-month bonded trade cargo value soars 292pc
PostTime:2012-07-11 08:46:39 View:964
CHONGQING'S bonded areas recorded a steep increase of 292 per cent year on year in its collective import and export value to US$2.59 billion during the period from January to May this year, Xinhua reports. Imported cargo value surged 360 per cent to $2.53 billion. The sharp growth was brought by the booming IT product manufacturing industry in Chongqing which has stimulated the import of IT product parts.
Sino-Kazakhstani trade off as Alashankou border volume slips 3.2pc
PostTime:2012-07-10 08:56:52 View:974
ALASHANKOU checkpoint, on Sino-Kazakhstani border, handled 10.21 million tonnes of cargo from January to May, represednting a 3.2 per cent decline year on year, Xinhua reports. Imports dropped 5.8 per cent to 7.82 million tonnes. Exports grew 6.2 per cent to 23.95 million tonnes. The checkpoint recorded a trade value of US$6.36 billion from January to May, down 2.1 per cent. Import value fell 15 per cent to $4.79 billion. Export value soared 81.4 per cent to $1.57 billion. Customs collected a total of CNY5.93 billion's (US$932.96 million) tariff and tax during this period. Some CNY153 million was raised in tariff revenue, down 32.6 per cent while import linkage taxes totalled CNY5.78 billion, down 2.2 per cent.
China expects to double trade with Chile to US$60 billion by 2015
PostTime:2012-07-06 10:19:38 View:1363
CHINA and Chile plan to double trade volume to US$60 billion by 2015, according to statements issued by both countries as Premier Wen Jiabao ended his state visit in Santiago. The two countries have signed an agreement to protect investments going into either country, reported Reuters. Trade between China and Chile consists mostly of commodities such as copper producer wine, salmon, fruit and forest products. Two Chinese companies - renewable energy firm Sky Solar and state-owned China Development Bank - and Chile's Sigdo Koppers industrial group will jointly invest $900 million in a solar energy park, China's largest-ever investment in Chile. "These two countries complement each other because Chile is a rich country in commodities and China needs to continue growing at the same rhythm," said Benjamin Sierra, an economist at Canada's Scotiabank in Chile.
China Shipbuilding Industry sees 2010 net profit up 7.28%
PostTime:2011-05-04 10:41:32 View:1098
BEIJING - China Shipbuilding Industry Co (CSIC), the country's northern shipbuilding giant, said Saturday that its net profit last year rose 7.28 percent year-on-year to 1.599 billion yuan ($246 million). The shipbuilder said in a statement filed with the Shanghai Stock Exchange that its operating revenue was up 10.29 percent to 20.472 billion yuan in the period. But earnings per share declined 22.58 percent to 0.24 yuan last year from 0.31 yuan in 2009, said the statement. Due to a recovery in the global shipbuilding market and a rise in orders, shipbuilding business has brought 31.447 billion yuan for the company, up 38.17 percent from the same period last year, it said. Growth in CSIC's net profit has picked up in the first quarter this year, according the company's first-quarter report, which was also released on Saturday. Net profit has surged 28.68 percent year-on-year to 1.323 billion yuan in the first three months of the year on declines in production cost and a rise in efficiency, it said. Earnings per share jumped 28.68 percent to 0.14 yuan from a year earlier in the three-month period. Share price of the CSIC was up 4.55 percent to 12.17 yuan in the Shanghai market Friday.
China's exports rise 35pc, imports up 38pc in November
PostTime:2010-12-15 07:34:16 View:1277
CHINA's exports grew by 34.9 per cent year on year in November to US$153.33 billion, while the nation's imports surged by 37.7 per cent to $130.43 billion, according to the General Administration of Customs (GAC). China's trade surplus declined to $22.89 billion in November, down from $27.1 billion in October, reports Xinhua. The higher-than-expected export volume was the result of "seasonal factors," Beijing-based Huarong Securities analyst Xiao Bo was quoted as saying in reference to the increase in orders ahead of the festive shopping season overseas. Mr Xiao forecasts that China's export growth will decrease in early 2011 as imports increase at a steady pace, prompting the nation's trade surplus to shrink further. China's foreign trade totalled $2.68 trillion in the first 11 months of the year, up 36.3 per cent compared to the same period last year, with the European Union remaining China's largest trade partner. EU-China trade rose by 33.1 per cent in the first 11 months of the year to $433.88 billion. China's trade with the US grew by 30.2 per cent year on year to $346.89 billion in the January-November period while China-Japan trade rose by 31.7 per cent year on year to $267.79 billion.