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China fails to reach official annual export targets in 2013

CHINA failed to reach export growth targets in December, attributed a higher year-on-year basis of comparison and a crackdown on speculative activities disguised as export deals, Reuters reports.

China's total trade rose 7.6 per cent in 2013, falling short of the eight per cent target, having already failed to meet 2012's official 10 per cent annual growth target.

Exports rose 4.3 per cent in December year on year, said the Customs Administration, slowing from 12.7 per cent in November. Imports were up 8.3 per cent, topping November's 5.3 per cent increase.

Exports to the US increased three per cent in December year on year while rising 3.9 per cent to the EU and 5.5 per cent to Japan.

For 2013, exports rose 7.9 per cent and imports rose 7.3 per cent, producing a trade surplus of US$259.8 billion, up 12.4 per cent from 2012.

"Exporters are facing pressures from rising costs, including increasing labour costs and yuan currency appreciation," said China Customs spokesman Zheng Yuesheng.

"The strengthening recovering of developed economies will likely gradually lead the global economy out of the financial crisis, which will improve the external environment of China's exports," said Mr Zheng.

"The biggest surprise is December imports. This suggests China's domestic demand is continuing to improve," said HSBC economist Sun Junwei.

"We expect exports to show further recovery in 2014, but the magnitude would be small, around 10 per cent. Imports could be supported by steady domestic demand and are likely to grow around eight per cent this year," she said.