Canton Fair contracts up

GUANGZHOU, May 6 -- Despite a rebound in contracts signed at the world famous Canton Fair, which concluded Wednesday, Chinese exporters still remain cautious about the global trade outlook.

The 107th China Import and Export Fair, or the Canton Fair, saw the value of export contracts up 12.6 percent from its autumn session last year to $34.3 billion, Chen Chaoren, spokesman for the Fair, told a press conference.

But the figure is still 10.3 percent lower than the corresponding session in 2008, he said.

Trade resulting from the Fair contributes significantly to China's overall trade volume.

"The rebound (in the Fair contracts) will help consolidate China's recovery in foreign trade, but uncertainties still remain, " Chen said.

Exporters were still taking cautious steps. Short-term contracts signed at the Fair were up to 53 percent, according to Chen.

"Chinese exporters remain worried about the complicated trade conditions, such as the unstable global economic recovery, rising trade protectionism and higher production costs," he said.

The recent session of the Fair attracted 203,996 overseas buyers from 212 countries and regions around the world, down 1.3 percent from its spring session in 2007.

As the world's largest exporter, China's exports grew by 24.3 percent in March year on year to $112.11 billion, while imports jumped 66 percent to $119.35 billion, leaving a $7.24 billion deficit, the first one since May 2004.