China's run as world's largest exporter may end in next decade - News Summed Up

China's run as world's largest exporter may end in next decade


China, the world's largest exporter, might face a trade deficit in the next five to 10 years as the second-biggest economy is ramping up imports, a former top Chinese official has said. "Expanding imports is a very significant part of China becoming a big global power," he said. China's export and import volumes rose 14.2% year on year to 27.79 trillion yuan (USD 4.28 trillion) last year, ending the continuous drop in the previous two years, according to the official data quoted by state-run Xinhua news agency. China's exports increased 10.8% to reach 15.33 trillion yuan while imports surged 18.7% to 12.46 trillion yuan in 2017, the General Administration of Customs (GAC) said. The trade surplus continued to narrow last year, shrinking 14.2% to 2.87 trillion yuan, compared to a reduction of 9.1% registered in 2016 that saw 3.35 trillion yuan in trade surplus.


Source: dna January 13, 2018 14:48 UTC


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