China's trade surplus lowers in first quarter
Source: Xinhua Date: 2007-04-12
China's trade surplus shrank in the first quarter of this year compared with the latter half of 2006, said Ministry of Commerce (MOC) spokesperson Wang Xinpei on Wednesday.
The country's trade surplus stood at 46.44 billion U.S. dollars in the first quarter of this year, showing a downward trend over the third and fourth quarter of last year. The trade surplus in March went down to 6.87 billion U.S. dollars, cracking the 10 billion U.S. dollar mark for the first time since March 2006, according to official figures.
Wang attributed narrowing trade surplus to lowing export rebates since last September.
The China Iron and Steel Association's website on Tuesday contained a notice from the General Administration of Taxation indicating that China will scrap export rebates on 83 steel products while lowering the rate on 76 others that are more highly processed as of April 15.
Last September China lowered the rebate rate for 142 steel products from 11 percent to eight percent.
