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Share of global exports set to reach 13% this year

Zhong Nan
Updated: Dec 18,2015 9:26 AM     China Daily

Two Russian buyers choose balloons at Yiwu Small Commodities Market in Zhejiang province.[Lyu Bin / China Daily]

China is expected to account for 13 percent of the world’s total exports this year as the country shipped more high-value products to both developed and emerging markets between January and November, the Ministry of Commerce said on Dec 17.

China’s proportion of exports amounted to 12.4 percent of the global market last year. The country’s exports of rail equipment, as well as power and telecommunications products to developed markets rose 10 percent year-on-year in the first 11 months.

Shen Danyang, spokesman for the ministry, said even though China’s foreign trade seems weaker than expected due to lower global demand and rising production costs, the country has continued to optimize its range of products and approach to the global market through new trade routes and regional cooperation arrangements.

“The World Trade Organization’s central role in global trade liberalization should be maintained,” said Shen. “All members should stick to the Doha Round’s goal to create a balanced and feasible work plan to complete the talks.”

Commerce Minister Gao Hucheng told the WTO Ministerial Conference in Nairobi on Dec 17 that the biggest challenges which currently confront the multilateral trade system are trade protectionism and a proliferation of regional trade agreements.

China’s foreign trade dropped 7.8 percent year-on-year to 22.08 trillion yuan ($3.39 trillion) from January to November. Of this, 12.71 trillion yuan was exports, which were down 2.2 percent. The nation’s trade surplus during the same period surged 63 percent to 3.34 trillion yuan, according to the General Administration of Customs.

The country reported 3.16 trillion yuan of trade with the European Union, its largest trading partner, in the first 11 months, down 7.7 percent year-on-year, while the figure was 3.15 trillion yuan for the United States, the nation’s second-largest trading partner, up 1.9 percent.

“Based on the current trading volume, China will remain the world’s largest trader this year,” said Gu Xuebin, vice-president of the Chinese Academy of International Trade and Economic Cooperation in Beijing.