At the time when China’s exports have a unclear prospects for the last season of the year among global financial turmoil and weak demand in developed countries, one of China’s largest trade exhibitions was opened in Guangzhou on Oct 15th.
Known as the Canton Fair, the 104th China Import and Export Fair, scheduled to run until Nov 6, hosting 22,341 domestic and foreign exhibitors, fair spokesman Mu Xinhai said.
It is widely believed that the transactions of the next three weeks after the opening will be indicative of the outlook for the country’s exports for the rest of the year. Therefore, the event is considered as the barometer of China’s trade for a long time.
Based on Custom figures released on Monday, China’s exports increased by 22.3 percent for the first three seasons in 2008, 4.8 percent lower than the same period in 2007. Several analysts warn the increase in China’s exports may weaken further in the next few months, as the effect of the current financial crisis spreads to the real economy.
Trade between China and the United States was especially dull. Bilateral trade was to $251.5 billion for the first three seasons, up 13.8 percent year-on-year, 1.8 points lower than last year.
The increase of exports in the fourth season will continue to head south, although the fundamentals of the domestic economy are in good condition, Yan Shenhong, spokesman for the Ministry of Commerce, said at a news conference. But he did not give any detail of the specific rate of decline.
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