China predicts trade slowdown

1 January 2004

China predicted that its foreign trade would slow dramatically in 2004. Growth in China's total trade will be only 8% in 2004, down sharply from the 36.4% year-on-year growth in the first 10 months of 2003 according to the Ministry of Commerce (MOFCOM).

MOFCOM also said that its trade surplus in 2003 was likely to be less than half the US$30.4 billion surplus of 2002, as growth in imports outpaced export growth. The reason for the predicted slowdown in trade was the growing protectionism of trading partners such as the US.