China’s foreign trade will pick up in the second half (H2) of 2015 thanks to structural improvements, the Ministry of Commerce (MOC) said.
Exports continued to grow and import decline narrowed during the start of the year, Sun Jiwen, MOC spokesperson, said.
Total foreign trade posted a 7.6 percent decrease in the first four months, falling to 1.22 trillion U.S. dollars, with exports rising 1.6 percent and imports dropping by 17.3 percent.
Sun attributed the import decline to falling prices of bulk commodities including crude oil, iron ore and plastic, which dragged down import growth by nearly 10 percentage points.
“The price decline saved 63.4 billion U.S. dollars for Chinese companies; cutting costs and improving global competence,” Sun said.
Sun committed that the outlook of China’s foreign trade was still grim due to sluggish external markets, appreciating yuan, high funding costs and rising salaries.
Despite increasing pressure, China’s export structure continued to improve. Exports to emerging markets rose by 5.7 percent in the January-April period, contributing nearly 170 percent of export increase, and enterprises increased their presence overseas by nurturing brands and boosting research.
To ensure steady foreign trade, the MOC will continue to cut red tape to facilitate trade and help companies to develop new edges in global competition, Sun said.