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Export industries challenged amid US credit crisis
(Xinhua)
Updated: 2008-04-17 10:27 "Given the sluggish US market, this year will be tough for export sectors," Wu said. "Chinese goods are popular among the US consumers, yet we still have to reduce purchase because of the decreasing US demand," Ben Noonan, sourcing manager of the Smartful Home, a US textile importer, told Xinhua. "Not only the US market, but a global slowdown under the impact of the global credit crisis would affect China's exports industries," said Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission. Experts believe deceleration in exports will help reduce the trade surplus, which shrank 10.8 percent year-on-year to $41.42 billion in the first quarter, according to customs figures. Minister of Commerce Chen Deming said on Tuesday that export growth remained in a reasonable zone, while the impact of the global credit crisis would be closely monitored. He said that gains in exports to the United States had slackened while those to the European Union, Japan and new markets were on the rise. "The US and European markets are not the only choice for Chinese enterprises. The profitability would be pretty high in African markets like South Africa and Egypt," said Cao Xinyu, vice chairman of the China Chamber of Commerce for Textile Import and Export. Largely due to the global economic slowdown, economists around the world have geared down forecast of China's economic growth. Early in April, the World Bank cut its 2008 forecast for China by 0.2 percentage points to 9.4 percent -- its second reduction in as many months. The Asian Development Bank also lowered its 2008 forecast for China's economic growth to 10 percent from 10.8 percent. The Chinese Export Commodity Fair, a biannual event launched in 1957, consists of two phases: textiles and garments, home electric appliances and machineries in the first phase that is scheduled from April 15 to 20; and souvenirs, gifts and foodstuffs in the second, from April 25 to 30. About 18,660 enterprises from home and abroad are attending. (For more biz stories, please visit Industries)
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