Business / Economy

HSBC: Chinese exports will grow 12%

By Li Jiabao ( Updated: 2012-11-21 14:02

China's exports are expected to grow by 12 percent annually from 2013 to 2015, mainly driven by expanding trade with emerging markets, HSBC said in a report.

The report predicts India and Vietnam will be China's fastest growing export markets in the next three years, with exports to India surging by 20 percent annually and exports to Vietnam growing by 18 percent annually. Exports to the Middle East and North Africa, China's new export destinations, are expected to grow by 14 percent each year.

Bruce Alter, head of trade at HSBC China, said: "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. Recent trade data has shown signs of a stabilizing market. The country will maintain a strong trade momentum in the long run, as it expands trading with emerging markets."

China's efforts to balance trade and expand imports will benefit developed markets such as the US and the EU. Imports from the US will grow 10.4 percent each year in the next three years, and imports from the UK will expand 9.9 percent annually in the next three years and 11.1 percent annually from 2016 to 2020.

Global trade is expected to grow by 5 percent in 2013, led by robust Asian and other emerging markets, and will maintain a modest growth in 2014 and 2015, HSBC said.

Hot Topics

Editor's Picks