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July exports up 20% y-o-y, surpassing market expectations

08-10-2011 18:40 BJT Special Report:China’s Economic Data for July |

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China's trade figures, released Wednesday, has eased concerns that sluggish demand from debt-burdened US and Europe would hold back the world's second-biggest economy. The most anticipated figure - export growth - accelerated in July, surpassing market expectations.

China's exports rose over 20 percent in July from a year earlier, surpassing economists' forecast for a 17.4 percent rise and marking the strongest gain since April. Gross imports and exports added up to more than 2 trillion US dollars during the first 7 months of the year. That's 25 percent higher compared with same period last year.

For the January to July period, exports accounted for over 1 trillion dollars, a 23.4 percent increase year on year; imports were worth 970 billion US dollar, a 27 percent climb. China's trade surplus came in at almost 77 billion US dollars, a decline of 8.7 percent.

In July alone, exports clocked in at 175 billion US dollars, a new record high.

Zheng Yuesheng, Chief of General Admin. of Customs, Statistics Department said "It's due to our country's smooth and fast pace of economic growth. The growth rate of imports is higher than that of exports - it will narrow our trade surplus and balance our foreign trade."

Moreover, Chinese figures also show that China's trade with Europe, the US and Japan is growing at a slower rate than the nation's total foreign trade.

Meanwhile, China's trade with ASEAN countries has surged. Southeast Asian nations have overtaken Japan to become China's third largest trading partner.

Huang Guohua, Chief of General Admin. of Customs, Analysis Department said "That shows trading between China and ASEAN is becoming more frequent, the ASEAN is the most beneficial side."

During the seven months of 2011, imports for commodities such as beans, steel and copper have declined. However higher-end products like wine and watches have become more popular among consumers. Imports of these goods surged more than 65 percent compared to last year.

Huang Guohua said "China encourages domestic consumption, a greater variety of goods for consumers."

Exports are now catching up to imports in China's foreign trade - which is good for domestic consumption. However, exports are still the backbone of China's economy and they risk falling too much if the US and European economies remain weak. Analysts say the timing is ripe for China to reform it's economic growth model.

Editor:Xiong Qu |Source: CNTV.CN

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