Chinese Exports and Imports Statistics in 2011 and 2012
Exports as well as imports form the basis of international trade. According to the Ministry of Commerce of China, imports of China are expected to grow faster than exports in 2011. It will lead to the improvement of the trade balance of the country further. They are of the opinion that the reasons for the growth of imports are government’s supportive policies regarding expansion of imports, stronger domestic demand and rising prices of commodity globally.
The central bank has repeatedly raised the interest rates and the reserve requirements of the bank have increased funding costs. As per the commerce ministry, it has strained the capital of some exporters to a large extent. Reports suggest that there is a growth in the demand for exports, as well, due to the improving condition of global market. However, the picture for export looks a bit complex. The ministry did not give a clear forecast of China exports and imports 2011.
Any country’s services or products for sale to foreign countries are known as exports. It must be noted that exports of goods to any country would require involvement and permission of Customs for the country of export as well as the country of import. The rapid economic growth of China is attributed to the increase in export of China to a large extent. It has been reported that in May 2011, China had a trade surplus which is equivalent to 13.05 Billion USD.
About 39.7% GDP of China is constituted of exports of services and goods. The major exports of China are telecommunications equipment, data processing equipments, office machines, clothing & apparel and electrical machinery. The largest exports markets of China are United States, European Union, Japan, Hong Kong and South Korea. China exports in May 2011 were accounted worth 157 Billion USD.
When a country brings in services or goods from a different nation in a legitimate fashion to be used for trade and commerce, these services or goods are known as imports. In May 2011, China imported products and services worth 144 Billion USD. China mainly imports commodities which include oil & mineral fuel, iron & steel, machinery & equipment, medical & optical equipments, plastics and organic chemicals. China imports from European Union, Japan, Taiwan, South Korea and ASEAN countries mainly. Import also requires permission from Customs which may ask for tariffs, import quotas and trade agreements. The imports mean economic value of all services and goods imported from a different country as well.