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China's steel exports drop 5.5% in 2008

By Jiang Wei (chinadaily.com.cn)
Updated: 2009-02-11 16:35

China's steel exports dipped 5.5 percent year-on-year in 2008 to 59.23 million tons while the export value increased 43.8 percent year-on-year to $63.44 billion, the General Administration of Customs said Wednesday.

According to Customs statistics, monthly steel export declined sharply after reaching a peak of 7.68 million tons in August. The figure stood at 2.95 million tons in November, the lowest since 2007, and picked up slightly to 3.17 million tons in December.

The country's steel exports are still facing challenges this year: The number of new orders is about to decline because global demand is likely to shrink over 10 percent this year; some countries may impose trade protection measures against Chinese steel products; the appreciation of renminbi weakens the competitiveness of Chinese products; and domestic competition in the steel sector is intensifying due to overcapacity.