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By Dai Yan (chinadaily.com.cn)
Updated: 2007-11-15 14:36

The Ministry of Commerce has released a research report warning domestic exporters of the possibility of fewer orders in tandem with an anticipated forthcoming world economic decline.

Related readings:  China becomes Canada's 3rd-largest export market  China overtaking US as Japan's biggest export market  China's export growth slows in September

The United States' economic slump may impact the world economy, and especially China due to the proximity of their economic ties. The report said if China's exports drop noticeably next year, its macro economy will risk growth slowdown.

According to the ministry's statistics, China's exports to the US in the first quarter of 2007 rose 20.4 percent over the same period last year, while year-on-year growth fell to 15.6 percent in the second quarter and to 12.4 percent in the third quarter.

The US economic slowdown caused shrinking demand for imports. China's exports to the US dropped sharply just after July's sub-prime loan crisis in the US.

The diminishing US demand will make it difficult for China to achieve its exports goal, as China relies heavily on the US market, the report said. In the first three quarters of the year, exports to the US accounted for 19.4 percent of the total, closely after those to the European Union. According to the central bank, when the US economy slows by one percentage point, China's exports decline six percentage points.

China's trade surplus hit a new monthly record of US$27 billion in October, encouraging major trade partners to urge China to reduce its trade surplus. However, the report noted the government should maintain foreign trade policy stability and continuity, and prevent exports from a sharp decline.