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Expert: China's exports to grow 15% in 2009

(Xinhua)
Updated: 2008-11-29 16:23

China's export volume is expected to achieve a growth rate of around 15 percent in 2009 despite the impact of the financial crisis and global economic downturn, a trade expert with the Ministry of Commerce has said.

"It is true that coastal provinces such as Guangdong have been facing much pressure as global demand for traditional commodities has weakened significantly," Mei Xinyu, an expert with the ministry's Academy of International Trade and Economic Cooperation.

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In China, the so-called "traditional commodities" of export refer to garments, accessories, textile, shoes and furniture, among others.

It is also true that China's exports of electrical and electronic products has maintained a 20-percent growth rate this year, Mei said.

"The electrical and electronic manufacturing industry, featuring advanced technology, holds the key to the development of the Chinese economy. As long as the exports of electrical and electronic products continue to grow, China's export prospect won't be too bad," Mei said.

Figures from the China General Administration of Customs (CGAC) show China's exports of electrical and electronic products were worth $288.89 billion in the first 10 months, jumping 21 percent from the same period last year.

During the economic crisis, multinationals in the manufacturing industry are likely to speed up the process of moving their production into China or source more made-in-China products in an effort to cut cost, he said.

In addition, the Chinese government had raised tax rebate rates for exports three times since late July to create more favorable environment for exporters, he said. He predicted that the government would adopt more favorable policies in the future to encourage both exports and imports.

CGAC figures showed that China's foreign trade volume in the first 10 months to October hit $2.189 trillion, up 24.4 percent over a year earlier. The volume was larger than that for the entire year of 2007, which stood at $2.174 trillion.

The total comprised $1.202 trillion in exports, up 21.9 percent year on year, and $986.34 billion in imports, soaring 27.6 percent.

Guangdong, in South China, has long been the country's export powerhouse. In the first 10 months, Guangdong recorded $577.83 billion in foreign trade volume, accounting for 26.3 percent of the country's total, according to the CGAC.