Beijing, July 09: China's import volume is expected to jump between 12 per cent and 15 per cent this year, outgrowing exports, the Ministry of Commerce forecast today. The total foreign trade in the country this year could reach between 680 billion to 700 billion dollars, up from 10 per cent to 13 per cent over last year, says a report by a ministry research institute.
Of the total, import is expected to grow 12 per cent to 15 per cent to 330 billion to 340 billion US dollars while exports would rise between 8 per cent and 13 per cent to 350 billion to 360 billion US dollars. The report says cars, steel and digital cameras were among the imported commodities that registered higher growth since early this year.
Deputy chief of the research institute, Li Yushi said that the upward trend of imports was normal and conducive to China's economic growth. He attributed the growth mainly to China's entry into the World Trade Organisation, which resulted in the lowering of tariffs and non-tariff barriers, as well as the country's fast economic growth and industrial restructuring.
China's imports and exports increased by 21.2 per cent and 22.3 per cent, respectively last year. Bureau Report