China’s trade surplus zooms 75% in May as imports slip
10 Jun 2014 4:28 AM IST
Exports accelerated 7 per cent to $195.47 billion in May from an year earlier, while imports dipped 1.6 per cent to $159.55 billion, the General Administration of Customs (GAC) said.
In May, total foreign trade volume increased by 3 per cent to $355 billion, it said. Exports picked up in May following a 0.9 per cent jump in April and sharp falls in March and February, state-run Xinhua news agency reported.
The GAC data showed that the amount of major bulk items China imported in the first five months was on a rise, except for crude oil and some less important commodities.
‘The decline in imports may be the result of lower prices of these commodities,’ Liu Xuezhi, an analyst with the Bank of Communications told the news agency.Trade balance realised a sharp surplus of $35.92 billion in May — from $20.4 billion a year ago — expanding by 74.9 per cent over the same month last year. The combined foreign trade volume in the first five months saw a year-on-year growth of 0.2 per cent to $1.68 trillion, according to the GAC data. During the January-May period, exports decreased by 0.4 per cent but imports went up 0.8 per cent.
The trade surplus stood at $71.3 billion. The figures were released amid a report released by the World Bank that the Chinese economy will grow at 7.6 per cent this year, a notch lower than last year’s 7.7 per cent.
China’s growth will moderate over the medium term as the economy continues to rebalance gradually, a World Bank update released two days ago said.
Growth is expected to slow to 7.6 per cent in 2014, and 7.5 per cent in 2015, from 7.7 per cent in 2013, it said. The International Monetary Fund last week cut its economic growth forecast for China because of concerns about the property market and a build-up in credit. Chinese premier Li Keqiang on Friday had warned officials not to overlook economic challenges, saying downward pressure on the economy was ‘relatively high.’
In May, total foreign trade volume increased by 3 per cent to $355 billion, it said. Exports picked up in May following a 0.9 per cent jump in April and sharp falls in March and February, state-run Xinhua news agency reported.
The GAC data showed that the amount of major bulk items China imported in the first five months was on a rise, except for crude oil and some less important commodities.
‘The decline in imports may be the result of lower prices of these commodities,’ Liu Xuezhi, an analyst with the Bank of Communications told the news agency.Trade balance realised a sharp surplus of $35.92 billion in May — from $20.4 billion a year ago — expanding by 74.9 per cent over the same month last year. The combined foreign trade volume in the first five months saw a year-on-year growth of 0.2 per cent to $1.68 trillion, according to the GAC data. During the January-May period, exports decreased by 0.4 per cent but imports went up 0.8 per cent.
The trade surplus stood at $71.3 billion. The figures were released amid a report released by the World Bank that the Chinese economy will grow at 7.6 per cent this year, a notch lower than last year’s 7.7 per cent.
China’s growth will moderate over the medium term as the economy continues to rebalance gradually, a World Bank update released two days ago said.
Growth is expected to slow to 7.6 per cent in 2014, and 7.5 per cent in 2015, from 7.7 per cent in 2013, it said. The International Monetary Fund last week cut its economic growth forecast for China because of concerns about the property market and a build-up in credit. Chinese premier Li Keqiang on Friday had warned officials not to overlook economic challenges, saying downward pressure on the economy was ‘relatively high.’
Next Story
