`China’s exports under pressure’
November 16th, 2011 - 2:22 pm ICT by IANSBeijing, Nov 16 (IANS) China’s exports are feeling the pressure from global economic uncertainties, trade protectionism and rising domestic costs, the authorities said Wednesday.
“We cannot be optimistic about the export situation during the coming period,” Ministry of Commerce spokesperson Shen Danyang said at a press conference.
He cited a downshift in global economic recovery, a downgrade of the US credit rating and the spreading European debt crisis as exterior factors affecting China’s exports, Xinhua reported.
Increasing inflationary pressure and the risk of a “hard landing” in major developing economies have also created uncertainties in global economic growth, he said.
Shen said frequent protectionist measures and trade disputes have had a “relatively large influence” on China’s exports.
These issues, along with rising costs at home, have complicated the outlook for China’s foreign trade, Shen said.
China’s foreign trade in October fell 8.3 percent from September to $297.95 billion, but still rose 21.6 percent year-on-year, according to official data.
October exports weakened 7.2 percent month-on-month to $157.49 billion, while imports dropped 9.5 percent month-on-month to $140.46 billion.
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Tags: authorities, beijing, china, credit rating, danyang, debt crisis, developing economies, downshift, economic recovery, economic uncertainties, global economic growth, inflationary pressure, ministry of commerce, protectionist measures, risk, spokesperson, trade disputes, trade protectionism, xinhua