Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UPDATE 1-China says export recovery not guaranteed

Published 07/21/2009, 08:33 AM
Updated 07/21/2009, 08:40 AM

(Adds background)

SINGAPORE, July 21 (Reuters) - China, leading world hopes for economic growth, said on Tuesday its export recovery this year cannot be fully guaranteed.

"I cannot entirely guarantee it," said Commerce Minister Chen Deming, when asked about an Chinese export recovery, after talks with Asia Pacific Economic Cooperation (APEC) trade ministers in Singapore.

Some trade officials at the meeting have expressed cautious optimism about a recovery in their country's exports, traditionally a vital driver of economic growth in Asia.

China's economic growth accelerated to 7.9 percent in the second quarter, from 6.1 percent in the first quarter, as investment driven by government stimulus offset falling exports.

Data showed earlier this month June exports fell by 21.4 percent from a year earlier, an improvement on May's slide of 26.4 percent.

The pace decline in imports have slowed sharply last month as the government's massive infrastructure spending sucked in commodities and other goods from the rest of the world.

As a result of lower exports, China's trade surplus would fall this year, in line with market expectations, Chen said.

A recent Reuters poll forecast China's trade surplus would narrow to $230 billion this year from $295.5 billion in 2008 before rebounding to $253.5 billion in 2010. (Reporting by Kevin Yao; Editing by Kazunori Takada)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.