China’s exports figures for 2012-13 may have been inflated as some traders reported false numbers amid shady practices, news portal sina.com reported Monday, citing a report from the Chinese Academy of Social Sciences (CASS).
Some traders are said to have exported goods and then re-imported the items into China while some have furnished false invoices amid fake trade.
Exports for re-import totaled US$157.3 billion in 2013, accounting for 7.1 percent of the total exports that year. Since these were not real exports to other countries, they should be taken out of the total export figure, the CASS said.
Such trade has been expanding over the last 20 years, with its growth rate higher than that of the overall export for most of the years.
The CASS report also estimated that fake trade during 2012 and 2013 totaled US$163.9 billion and US$244.6 billion, respectively. Taking away the fake trade, the actual export figures for 2012 and 2013 would only be US$1.89 trillion and US$1.97 trillion, respectively.
That represents growth rates of 4.0 percent and 4.2 percent, which were significantly lower than the previously published rates of 7.9 and 7.8 percent, the report said.
Last year, official figure for China’s exports was US$2.2 trillion. Meanwhile, total exports and imports stood at US$4.16 trillion, overtaking the US to take the top spot worldwide for the first time.
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