Growth of machinery exports slows
Updated: 2012-02-13 16:10
By Du Juan (chinadaily.com.cn)
BEIJING - China's machinery exports will grow more slowly this year because of the worsening global economy and increasing trade protectionism among the developed countries, Cai Weici, vice-president of the China Machinery Industry Federation, said on Monday.
The Federation expects the growth rate of both imports and exports in the machinery industry to be approximately 15 percent in 2012. Machinery exports were $321.8 billion in 2011, up 24.5 percent compared with 2010, while imports were $309.4 billion, up 21.2 percent from a year earlier.
Cai said he expects the growth rate for China's machinery exports to keep falling in the coming years.
"Europe is an important market for China's machinery industry. Its gloomy economy has led to a shrinking market, which has resulted in a reduction of China's exports," he said. "The increasing number of trade disputes will also add to the difficulties.”
Cai said China's increasing machinery exports in the past few years have made some foreign competitors feel threatened. Some industrial organizations have instituted trade disputes against China, such as the probe into Chinese wind turbine manufacturers recently instituted by US companies.
Overall, the Federation expects the machinery industry's production and sales to grow by 18 percent and 12 percent respectively in 2012, 7 and 9 percent lower than in 2011.