Center

Trade surplus lowers in first quarter

(Xinhua)
Updated: 2007-04-12 10:32

China's trade surplus shrank in the first quarter of this year compared with the latter half of 2006, saidMinistry of Commerce(MOC) spokesperson Wang Xinpei on Wednesday.

Related readings: Trade surplus falls sharply China may become Japan's largest trade partner Trade surplus unlikely to grow rapidly: vice minister China's trade surplus likely to drop in March

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.