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Growth of China exports to US slows

(China Daily)
Updated: 2008-08-15 06:44

The growth of China exports to the United States, the country's second-largest trading partner, slowed in the first half of the year, the General Administration of Customs said on its website Thursday.

Related readings: Trade surplus down 9.6% in January-July period Foreign trade on track - economist China's dependence on trade tops 60% China's trade deficit down with ASEAN Outlook of China foreign trade positive

China's exports to the US in the first six months totaled $116.79 billion, up 8.9 percent from the same period last year. The growth rate was 9 percentage points lower than a year earlier.

China Customs said the slowdown was partly due to economic problems sparked by the US subprime mortgage crisis. A stronger Chinese currency, the renminbi, also contributed to the declining export volume.

The central parity rate of the renminbi was 6.86 yuan to one dollar Thursday. The renminbi had appreciated more than 20 percent against the greenback since its peg to the US dollar was removed in July 2005.

The appreciation raised the cost of the country's goods on the international market and impacted on Chinese products' competitiveness, China Customs said.

China's processing trade industry saw its US exports stand at $70.68 billion in the first half, up 5.7 percent over the same period last year. The growth rate was 3.2 percentage points lower year-on-year.

Exports of mechanical and electrical products, two of the country's major exports to the United States, hit $71.9 billion, up 8.6 percent over the same period last year. The growth rate declined 8.4 percentage points year-on-year.

China's export volume stood at $666.25 billion in the first half of this year, representing an increase of 21.8 percent over the same period last year.  

According to government statistics, China has become a major export partner of the US, exceeding Japan and Canada to rank the third in export volume last year. Meanwhile, the US is China's largest export partner. In 2007, the total trade volume between China and the United States reached $300 billion.

The Chinese government is paying great attention to the expanding US subprime mortgage crisis and the falling dollar.

The Report on the Work of the Government, delivered to National People's Congress on March 5, said China must be fully prepared for changes in the international environment and become better able to tackle risks.