Economy

2010 foreign trade to post 25% year-on-year growth

(Xinhua)
Updated: 2010-11-01 16:57

BEIJING - Total volume of China's foreign trade is expected to hit $2.8 trillion for the whole year of 2010, up 25 percent year on year, the Ministry of Commerce (MOC) said in a report issued Monday.

The country's overseas shipments will keep growing in the fourth quarter but at slower rate year on year, according to the report.

China's foreign trade in the first three quarters rebounded relatively quickly, with the total volume exceeding the level of the same period in 2008, the report said.

January-to-September growth was buoyed by the world's economic recovery, continuous and fast domestic economic growth, government simulative policies and general improvements in the competitiveness of the nation's enterprises.

However, the report also noted weaker overseas demand due to the slow rebound in the world's economy and expectations of the yuan's appreciation, will increase pressures in productions and operations for Chinese enterprises.

The report forecasted China's foreign trade in 2011 will increase at a slower pace, and will be affected by uncertain economic and non-economic factors.

China's foreign trade in the first nine months totaled $2.15 trillion, a year-on-year increase of 37.9 percent, custom data showed.