China to account for 13% of world exports
December 21, 2015 Category Foreign trade, Weekly
China is expected to account for 13% of the world’s total exports this year as the country shipped more high-value products to both developed and emerging markets between January and November, the Ministry of Commerce (MOFCOM) said. China’s proportion of exports amounted to 12.4% of the global market last year. The country’s exports of rail equipment, as well as power and telecommunications products to developed markets rose 10% year-on-year in the first 11 months. Shen Danyang, Spokesman for the Ministry, said even though China’s foreign trade seems weaker than expected due to lower global demand and rising production costs, the country has continued to optimize its range of products and approach to the global market through new trade routes and regional cooperation arrangements. Commerce Minister Gao Hucheng told the WTO Ministerial Conference in Nairobi last week that the biggest challenges which currently confront the multilateral trade system are trade protectionism and a proliferation of regional trade agreements. China’s foreign trade dropped 7.8% year-on-year to CNY22.08 trillion from January to November. Of this, CNY12.71 trillion was exports, which were down 2.2%. The nation’s trade surplus during the same period surged 63% to CNY3.34 trillion. The country reported CNY3.16 trillion of trade with the European Union, its largest trading partner, in the first 11 months, down 7.7% year-on-year, while the figure was CNY3.15 trillion for the United States, the nation’s second-largest trading partner, up 1.9%. “Based on the current trading volume, China will remain the world’s largest trader this year,” said Gu Xuebin, Vice President of the Chinese Academy of International Trade and Economic Cooperation in Beijing, the China Daily reports.
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