China's exports are expected to expand 12 percent each year on average in the next three years despite slowing growth this year due to weak external demand, HSBC said in a report yesterday.
"China's trade growth has slowed since the beginning of the year due to the European debt crisis and the United States economic downturn, but it's only temporary," Bruce Alter, head of trade at HSBC China, said in a statement yesterday. "Recent trade data has shown signs of a stabilizing market. The country will maintain a strong momentum in trade in the long run, as it expands trading with emerging markets."
China's exports rose 11.6 percent in October from a year earlier, a large improvement from September's 9.9 percent, according to the Ministry of Commerce. Total trade expanded 7.3 percent to US$319 billion, according to the General Administration of Customs.
From 2013 to 2015, India and Vietnam will be the fastest growing export markets for China with estimated annual growth of 20 percent and 18 percent, respectively. The Middle East and North Africa, new export destinations for China, are expected to grow 14 percent each year, according to the report.
Although the global economic outlook remains uncertain, global trade is expected to grow 5 percent in 2013, led by robust Asian and other emerging markets. The global market will maintain a modest growth in 2014 and 2015, HSBC said. In addition, China's rising imports will benefit developed markets like the US and Europe. Imports from the US and the UK will grow 10 percent each year in the next three years.
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