Despite very weak external demand and rising costs, China’s trade has performed comparatively well, according to an official of the Ministry of Commerce. The ministry spokesman, Shen Danyang said, “The performance is indeed an achievement given the slowing investment at home, an appreciating Yuan and rising costs of operation”.
According to the World Trade organization global trade slumped 11.1 per cent from a year earlier in the first three quarters of this year. Brazil’s trade sank 16.8 per cent, India’s fell 16.6 per cent, the European Union’s shrank 12.8 per cent, and Japan’s declined 9.2 per cent.
But China’s trade, in the first three quarters, fell only 7.9 per cent to 17.86 trillion Yuan or US$2.8 trillion. Although the figure was less than the global average, it was behind the official target of 6 per cent growth for the year.
According to a survey by the ministry involving over 6,000 traders the global demand was even less than that in 2009, at the time of global financial crisis.
But China “is set to keep its position as the world’s biggest trader, with an increasing share in global trade”, Shen said.