China exports soar by a record 46%

  • AseanPlus News
  • Wednesday, 14 Jul 2004

CHINA posted its second consecutive monthly trade surplus in June as exports soared by a record 46.5%, figures from the General Administration of Customs showed on Monday.  

Exports jumped to a larger-than-expected US$50.5bil (RM192bil) in June after climbing 33% in May, customs said. Imports were also stronger than expected last month, surging 50.5% to US$48.65bil (RM185bil).  

In June alone, China posted a trade surplus of US$1.84bil (RM7bil), the second monthly surplus this year.  

China's foreign trade swung to a surplus of US$2.1bil (RM8bil) in May after four consecutive months of deficit as government measures to cool the economy led to a slowdown in imports of iron ore and steel.  

For the first half of the year, exports rose 35.7% to US$258bil (RM980bil) and imports surged 42.6% to US$265bil (RM1 trillion), resulting in a US$6.82bil (RM26bil) trade deficit.  

Experts said the high growth rate of exports would help the country ensure a soft landing.  

“It is certainly encouraging that exports are not weakening,” said Li Yushi, an expert from the Chinese Academy of International Trade and Economic Co-operation.  

The record growth rate this year is helping drive economic growth as the government reins in lending to cool an investment boom, he said.  

“It is good to offset the investment slowdown so the country will not get a hard landing,” Li said.  

Surging trade might ease concerns that China's attempt to cool its economy would slow global growth and drive down commodities prices, he said. – China Daily  

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