MOFCOM released Report on China Foreign Trade 2007
Source: MOFCOM Date: 2007-05-23
MOFCOM released Report on China Foreign Trade 2007 on May 17. The Report reviewed China’s foreign trade development and characteristic in 2006 and in the first quarter in 2007, and preview its future development in 2007.
The report pointed out that China’s administrations of foreign trade seriously implemented scientific developing outlook and national macro control policy in a favorable environment at home and abroad in 2006. Furthermore they vigorously pushed forth changing in foreign trade growth pattern, earnestly carried out diversified strategy of developing trade and market, which led to quick increasing trend in foreign trade that the import and export value reached 1,760.69 billion USD, up by 23.8% and ranked steadily world top 3.
Among China’s exports, mechanical and electrical products and hi-tech products kept fast growth, up by 28.8% and 29% respectively. Export of high energy consumption, high pollution and energy resources products like crude oil was restricted. Primary products import increased quickly at 187.14 billion USD, up by 26.7%, mechanical and electrical product import quickened at 22.1%. Conventional trade up by 26% with a fast increase, and processing trade increase slow down. Export of private enterprises up by 43.6%, which surpassed state-owned enterprises for the first time. Import and export of foreign invested enterprises still remained the biggest share, which constituted 58.9% of China’s total export and import. Import and export with main trading partners increased and trade with the newly grew market such as India, Brazil and South Africa increased quickly. Great achievement gained by diversified market strategy. Trade surplus kept expanding to 177.47 billion USD.
According to the report, in the first quarter of 2007, China’s import and export kept fast increasing at 457.74 billion USD, up by 23.2% year-on-year, and the trade surplus hit 46.44 billion USD, up by 99.4%. Export of mechanical products, textile products, apparel, and footwear kept increasing. Import of resources products like primary shaped plastic, iron ore and fine mineral increased quickly. Import and export of conventional trade up by 27.4%, which quicker than that of processing trade. Import and export of private enterprises and foreign invested enterprises up by 36.3% and 23.3% respectively, which obviously quicker than that of state-owned enterprises. Trade with main trading partners like EU, USA and Japan kept increasing.
According to it the world economy and trade remained in expansion period in 2007, China’s economy will keep steady and fast increase on the basis of optimizing structure, improving efficiency and energy saving, furthermore China possesses a favorable developing environment in foreign trade which shall maintain fast increase in 2007. Considering from all aspects, it is predicted that China’s goods import and export will surpass 2100 billion in 2007, up by 20%.
