In First Month of This Year, Imports and Exports Show Down, Multiple Factors Make Foreign Trade Opening Weak

General Administration of Customs on February 8 released data, in January 2015, China's import and export value was 2.09 trillion yuan, dropping by 10.8 percent. Among them, the export value was 1.23 trillion yuan, decreasing by 3.2 percent; the import value 0.86 trillion yuan, down 19.7%; trade surplus 366.9 billion yuan, expanding 87.5 percent.

According to statistics, soybean imports increased in January, while iron ore, coal, crude oil, refined oil and other main commodity imports volume decreased, and prices of major imported commodities generally fell.

The above data changes confirm the judgment of Ministry of Commerce Foreign Trade Institute Li Jian. He said that the current overall external demand market remains weak. Europe, Japan, and other developed economies remains sluggish. Compared with exports, imports dropped significantly, leading directly to the rapid expansion of trade surplus.

However, many experts said due to the Chinese New Year and other factors, before the holiday, import and export data in response to actual demand is relatively weak, generally monthly data does not accurately reflect the true state of the economy.

"China's foreign trade enterprises always have a habit, that is “hush to export” before holiday and 'import first' after holiday, which led directly to the volatility of year on year growth of imports and exports in January and February." Customs Service spokesman Zheng Yuesheng said.

In addition to the Spring Festival, manufacturing orders diversion, changes in the RMB exchange rate and other factors also have an impact on the current import and export decline. Experts said that in March and later, the Spring Festival factors affecting imports and exports will gradually disappear, the size of exports will gradually return to normal.

Minister of Commerce Gao Hucheng said that this year the government will further promote foreign trade policy implementation, accelerate the trade relationship development with the nations along "one belt one road", promote the transformation and upgrading of foreign trade growth, base construction and foreign trade development, stabilize the source product import, encourage advanced technology equipment and key parts import, reasonably increase the imports of the general consumer goods, and cultivate cross-border e-commerce, market purchase trade, integrated foreign trade enterprises and other new business models.

"In the long run, China's foreign trade has entered a slow growth new normal, but the overall advantage still exists, a new competitive advantage is forming. With further measures to promote steady growth of foreign trade, foreign trade growth this year will be higher than last year’s." Zheng Yuesheng stressed. (www.chinainout.com)