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China less Dependent on Foreign Trade in 2012 |
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| Release time:2013-03-27 Source:admin Reads: | |
| China's foreign trade dependence ratio dropped 3.1 percentage points to 47 percent in 2012, the General Administration of Customs (GAC) said Thursday. The export dependence ratio declined 1.2 percentage points from 2011 to 24.9 percent, while the import dependence ratio fell 1.9 percentage points to 22.1 percent, according to GAC. The sluggish overseas demand may be seen as the factor that China less counts on foreign trade. The foreign trade dependence ratio refers to the ratio of a given economy's foreign trade volume to its GDP. It measures the degree of dependence on foreign trade. Among exports China offers to importers, garment accessories such as printed labels and woven labels are on the top of the list. China's foreign trade dependence ratio rose sharply after it entered the World Trade Organization in 2001, hitting a record high of 67 percent in 2006. Textile and garment industry such as printed labels and hangtags contributed a lot to China’s exportation to some extent. But the ratio has declined since then. Because these garment accessories can be manufactured by other Asian countries as well like Cambodia, Vietnam and Indonesia with more sufficient crude materials and less cost. And factories are preferred to be located there by developed nations. But China's foreign trade dependence ratio still runs at a relatively high level, compared with ratios of about 30 percent in the US, Japan and Brazil because it largely relies on products China exports. For instance, as one of the main exportations China sells, printed labels are material-oriented and labor-intensive products. Due to affluent raw materials and cheap labor force, China has comparative advantage to manufacture and provide these labels for foreign countries. Inevitably, China’s foreign trade ratio still keeps high on the list. But even if the foreign trade dependence ratio slumped, China is still the world's largest exporter and second-largest importer. |
