Share of global exports set to reach 13% this year
Two Russian buyers choose balloons at Yiwu Small Commodities Market in Zhejiang province. [Photo/China Daily]
Value-added product shipments rise despite persistent weakness in overall foreign trade
China is expected to account for 13 percent of the world's total exports this year as the countryshipped more high-value products to both developed and emerging markets between Januaryand November, the Ministry of Commerce said on Thursday.
China's proportion of exports amounted to 12.4 percent of the global market last year. Thecountry's exports of rail equipment, as well as power and telecommunications products todeveloped 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 seemsweaker than expected due to lower global demand and rising production costs, the country hascontinued to optimize its range of products and approach to the global market through newtrade routes and regional cooperation arrangements.
"The World Trade Organization's central role in global trade liberalization should bemaintained," said Shen. "All members should stick to the Doha Round's goal to create abalanced and feasible work plan to complete the talks."
Commerce Minister Gao Hucheng told the WTO Ministerial Conference in Nairobi onWednesday that the biggest challenges which currently confront the multilateral trade systemare 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 2.2percent. The nation's trade surplus during the same period surged 63 percent to 3.34 trillionyuan, according to the General Administration of Customs.
The country reported 3.16 trillion yuan of trade with the European Union, its largest tradingpartner, in the first 11 months, down 7.7 percent year-on-year, while the figure was 3.15 trillionyuan 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 EconomicCooperation in Beijing.
