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Trade volume at Canton Fair drops amid global recession

(Xinhua)
Updated: 2008-10-21 14:37

Trade volume at the ongoing Canton Fair, an important barometer of China's international trade, dropped by about 10 percent year on year amid global recession worries.

The first phase of the autumn session of the biannual 104th China Import and Export Fair, which ran from October 15-19, chalked up a total trade volume of $16.45 billion. That's down by 10.8 percent over the previous year, said Mu Xinhai, a spokesman of the fair, on Monday.

Related readings:  Trade's share in economic growth drops Trade value of motor vehicles, related products declines in August  Trade: Multinational retailers feel the chill on expansion in China

Orders in home appliances and electronics, which were featured in the first session, posted marginal increases, but trades in hardware, tools, machinery, vehicles and spare parts, declined.

Orders from the United States posted the biggest drop -- about one third of last year's volume to $1.63 billion.

Analysts say the numbers indicate that China's export industry will take a beating from the ongoing global financial crisis.

Fair spokesman Mu said buyers from Europe and the United States were only two thirds of the number at last year's fair.

Official statistics released Monday show the pace of expansion in exports dropped by 4.8 percentage points from last year, growing by 22.3 percent to total $1,074 billion.

The State Council, China's Cabinet, decided over the weekend to stimulate exports in the fourth quarter.

"We will further raise the export rebate of labour-intensive products such as garments and textiles, as well as mechanical and electrical products with high-added value," it said in a statement on Sunday.

The incentive was in addition to other regulatory measures aimed at dealing with rippling effects from the global credit crisis.

"Financial, credit and foreign trade measures will be carried out in the near future in response to the slowing trend of the country's economic growth," the statement said.

China's economy grew by 9 percent in the third quarter of this year, its slowest in more than five years.

Analysts say tax incentives could help exporters defend the financial maelstrom, boost confidence and maintain stable export numbers. Exporters, however, still face other problems like rising production costs and a worsening external economic environment.

The second phase of the Canton fair runs from October 24-28. It features mainly consumer goods, gifts and home decorations. The last phase runs from November 2-6. It includes textiles and garments, shoes, office supplies, cases and bags, recreation products, medicine, medical devices, health products, food and native produce.