Thursday, June 10, 2010

China confirms faster exports, trade surplus leaps

BEIJING: China's exports rose 48.5% in May from a year earlier and imports were up 48.3%, the General Administration of Customs said on Thursday, June 10.

According to Reuters calculations, that left China with a trade surplus of about US$19.5 billion, compared with a surplus of $1.7 billion in April.

The median forecast of 32 economists polled by Reuters was for exports to rise 32% and imports to climb 45%, with a projected trade surplus of $8.8 billion.

However, on Wednesday a government official disclosed that export growth was about 50% year-on-year.

Unadjusted figures showed exports rose 9.9% from April but imports fell 5.1%.

After calendar adjustments for the number of working days, exports rose 45.3% in May from a year earlier and were up 10.9% from April, Customs said.

On the same basis, imports last month rose 41.7% from May 2010 but fell 0.9% from April, it added. ' Reuters

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