China is expecting its trade surplus to shrink by another USD$100 billion in 2010 as imports grow faster than exports.
In 2010, China’s trade surplus may dip another $100 billion following a 34% fall last year, the People’s Daily says, quoting Yao Jian, spokesman of China’s Ministry of Commerce (MOFCOM).
In the first quarter of 2010, China’s exports grew almost 29% year-on-year to $316.17 billion, while imports surged nearly 65% to $301.7 billion. During the first quarter of this year, China’s trade surplus was $14.5 billion, around 77% lower than that of the first quarter of 2009.
The report says the government has been implementing policies to balance China’s trade structure, resulting in the narrowing of trade surplus.
Domestic demand in China continues to be robust while external demand has yet to resume its former pace.
China is also expecting its current account surplus position to fall to 3% or 4% of GDP in 2010, against around 5.8% estimated for 2009.
