China's Imports Grow Faster than Exports: Report

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Last updated at: (Beijing Time) Wednesday, July 09, 2003

China's Imports Grow Faster than Exports: Report

Of the total this year, import is expected to grow 12 to 15 percent to 330 to 340 billion US dollars while export would rise between 8 percent and 13 percent to 350 to 360 billion US dollars.

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China's import volume is expected to jump between 12 percent and 15 percent this year, outgrowing exports, according to the Ministry of Commerce.

The total foreign trade of China this year could reach between 680 billion to 700 billion dollars, up from 10 percent to 13 percent over last year, says a report by a ministry research institute.

Of the total, import is expected to grow 12 percent to 15 percent to 330 billion to 340 billion US dollars while export would rise between 8 percent and 13 percent to 350 billion to 360 billion US dollars.

The report says that cars, steel and digital cameras were among the imported commodities that registered higher growth since earlythis year. In the Shanghai port alone, the import of digital cameras in the first five months this year was 53 times that for the same period of last year.

Li Yushi, deputy chief of the research institute, said that the upward trend of imports was normal and conducive to the country's economic growth.

He attributed the growth mainly to China's entry into the World Trade Organization which resulted in the lowering of tariffs and non-tariff barriers, as well as the country's fast economic growth and industrial restructuring.

China's imports and exports increased by 21.2 percent and 22.3 percent, respectively, last year.

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