March trade sees first 7.24b deficit over 6 years

Data presents total volume of trade in March has reached US$231.46 billion, increased by 42.8 percent, in which export amount reading 112.11 billion, or up 24.3 percent; while import accounting for 119.35 billion, or up 66 percent, and has resulted in 7.24 billion dollars deficits to pull up trade surplus for over 70 months since 2004. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

During January-March, total trade volume realized US$617.85 billion, increased by 44.1 percent year on year. Export volume is US$316.17 billion, or up 28.7 percent while import with income of US$301.68 billion or up 64.6 percent, resulting in 14.49 billion dollars surplus but decreased by 76.7 percent.

Commercial ministry spokesman Yao Jian says the trade deficits attributed mainly to the rapid growth of import which being boosted by domestic demand under economic recovery.

According to the Customers, march deficits compose of three points: first, it sees the shrinkage of surplus when trading with European and American counties, but with deficits when trading the area of Taiwan, Japan, south Korea and ASIAN memberships; second, deficit is growing under the general trade, despite of narrow increase with processing trade; state-run firms are suffering soaring deficits, though foreign-based firms and private industries gained surplus in a narrow range.

<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Yao indicates trade balance becomes better nowadays in China, which has created a sound basis to stabilize yuan’s rate. We don’t blindly pursuit for trade surplus but to expand import based on a stable export. He hopes US would give up export restrictions to China sooner as it can.