China trade surplus at record $47.3-bn high in July
9 Aug 2014 6:35 AM IST
July's exports surged 14.5 per cent from the previous year reaching $212.9 billion while imports dropped 1.6 per cent to $165.6 billion, the General Administration of Customs (GAC) said in a statement.
The export growth rate more than doubled from the 7.2- per cent rise seen in June. It's the fastest rate of growth in more than a year, state-run Xinhua news agency reported.
Trade surplus for July reached an all-time high of $47.3 billion, soaring by around 170 per cent from the previous year, up 50 per cent from June, the customs data showed.
Monthly trade volume went up 6.9 per cent year on year to $378.5 billion in July.
Analysts regard it as good for Chinese which is experiencing slowdown of its export dependent economy which hovered around 7.5 per cent with predictions of further slow down.
HSBC's chief China economist Qu Hongbin attributed the strong export figures mainly to further recovery in external demands.
Imports dropped due to a high comparison base from a year earlier and declines in both import volumes and prices for commodities including copper, crude oil and refined oil products, Qu said.
In the first seven months, total trade volume edged up by two percent to $2.4 trillion, with exports up three per cent to $1.28 trillion.
Imports rose one per cent to $1.12 trillion.
Total trade surplus in the first seven months surged 20.9 per cent from the same period last year, reaching $150.6 billion, the GAC said.
The export growth rate more than doubled from the 7.2- per cent rise seen in June. It's the fastest rate of growth in more than a year, state-run Xinhua news agency reported.
Trade surplus for July reached an all-time high of $47.3 billion, soaring by around 170 per cent from the previous year, up 50 per cent from June, the customs data showed.
Monthly trade volume went up 6.9 per cent year on year to $378.5 billion in July.
Analysts regard it as good for Chinese which is experiencing slowdown of its export dependent economy which hovered around 7.5 per cent with predictions of further slow down.
HSBC's chief China economist Qu Hongbin attributed the strong export figures mainly to further recovery in external demands.
Imports dropped due to a high comparison base from a year earlier and declines in both import volumes and prices for commodities including copper, crude oil and refined oil products, Qu said.
In the first seven months, total trade volume edged up by two percent to $2.4 trillion, with exports up three per cent to $1.28 trillion.
Imports rose one per cent to $1.12 trillion.
Total trade surplus in the first seven months surged 20.9 per cent from the same period last year, reaching $150.6 billion, the GAC said.
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