Portugal’s Secretary of State for Commerce happy that China is open to re-balancing trade

6 September 2007

Lisbon, Portugal, 6 Sept – The Portuguese secretary of state for commerce said Wednesday in Lisbon he was happy that China was open to negotiation to reset the balance of trade between the two countries, which is unfavorable for Portugal.

“It was a meeting in which we talked overall about Portuguese exports and the re-balancing of trade,” said Fernando Serrasqueiro at the end of a meeting in Lisbon with the deputy trade minister of the People’s Republic of China.

According to Serrasqueiro, the meeting, which dealt with issues such as bilateral economic relations, deepening business cooperation, the priorities of the Portuguese president pf the European Union in relation to China and the hosting of the 10th EU/China summit, was “very positive.”

“China promised act out a number of measures for the Portuguese trade deficit to lessen,” said Serrasqueiro.

He also said that China had asked for a list of Portuguese export products.

Portugal spent a monthly average of US$156.6 million on imports from China in the first half of 2007, and did not sell even half that amount to China, according to figures published by the Beijing government.

Despite this, Portugal almost doubled its exports to China, from US$187.54 million in the first half of 2006 to US$352,49 million, a rise of some 88 percent.

Comparing the first half of 2006 and of 2007, China’s sales to Portugal rose less, from US$742.91 million to US$940 million, or 26.5 percent. (macauhub)