MOC: China poised to achieve 2012 foreign trade target
The Ministry of Commerce (MOC) said Tuesday that China can achieve its 10-percent growth target for exports and imports in 2012 if the global economy does not worsen further, Xinhua News Agency reported.
Exports and imports rebounded in May and trade growth has maintained good momentum in June, MOC spokesman Shen Danyang said at a regular press briefing. China's imports and exports grew 14.1 percent year on year to 343.58 billion U.S. dollars in May, breaking its monthly trade record set in November 2011, when foreign trade amounted to 334.11 billion U.S. dollars.
Rising labor and raw material costs, shrinking external demand and worsening trade conditions dragged down China's export growth for the first five months, the news agency reported Shen as saying.