China Watch Blog has learnt that the average price of China’s exports is rising as export quantity growth slows, but it comes as no surprise to most people as the US demand has slowed and in Europe the Eurozone crisis is threatening most countries as confidence in global financial systems are faltering.
Shanghai's Yangshan deepwater port
China’s foreign trade gains more momentum with countries such as India, ASEAN members, Russia, Brazil and South Africa, the China Daily reported, citing customs data.
Customs data shows that the average price of Chinese exports rose 10.3 percent during the first eight months of this year, in comparison with the same period last year. The figure was 9.1 percentage points higher year-on-year.
However, export amount slowed by 21.8 percentage points to 12.1 percent.
The average price of textile and garment exports, for instance, rose 24.7 percent year on year in July, with 0.9 percent more of such commodities sold abroad; average price of shoes and hats exports rose 18.5 percent, and their quantity up 1.3 percent.
China’s exports surged 24.5 percent year-on-year in August to reach $173.31 billion, according to data from the General Administration of Customs.
From January to August, exports totaled $1.22 trillion, up 23.6 percent; imports totaled $1.13 trillion, up 27.5 percent.
However, the country’s exports growth to the emerging economies such as the Association of Southeast Asian Nations (ASEAN), India, Russia, Brazil and South Africa exceeded faster.
In the first eight months, ASEAN was China’s third largest trading partner as their bilateral trade totaled $234.61 billion, up 26.6 percent.
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