Guangdong's imports, exports showed signs of recovery in H1

Jul. 22, 2009 (China Knowledge) - China's Guangdong Province, one of the country's economic powerhouses and major export bases, showed signs of recovery in imports and exports in the first half of this year, a local trade official said on Tuesday.

The combined value of imports and exports in Guangdong reached US$257.87 billion in the first six months of this year, reflecting a year-on-year decline of 20.7%. Exports decreased 18.6% year on year to US$153.42 billion, while imports were down 23.7% and reached US$104.45 billion.

Guangdong's foreign sales will continue to fall until the fourth quarter of this year, as global demand is still shrinking, prices of export products are dropping and trade protectionism persists, said Liang Yaowen, head of the provincial bureau of foreign trade and economic cooperation.

Liang also said that the province's foreign trade has shown signs of recovery since the first quarter. Exports rose 16.5% in the second quarter of 2009 compared with the first quarter, while external trade was up 34.4%.

The recovery is attributable to the government's successful stimulus package, which includes higher tax rebates and credit insurance for exports, said Liang, adding that the province expects a year-on-year growth in exports in the fourth quarter of this year.