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Business / Macro

China's exports up 7.2% in June

(Xinhua) Updated: 2014-07-10 10:39

BEIJING - China's exports rose for a third straight month in June as the country's foreign trade continued its warming trend, relieving some pressure on the central government to keep the economic engine running stably and quickly.

The exports increased 7.2 percent year on year to $186.8 billion in June, with the growth pace slowing mildly from the previous month, showed data released on Thursday by the General Administration of Customs (GAC).

In the same period, imports rebounded to $155.2 billion, up 5.5 percent from a year ago, after the volume tumbled surprisingly in May. Total foreign trade increased 6.4 percent to $342 billion, the data showed.

Trade balance realized a surplus of $31.6 billion in June, following $35.9 billion in May and $18.45 billion in April, according to the GAC.

A strong second quarter drove up figures for the first half.

The combined foreign trade volume in the Jan-June period saw year-on-year growth of 1.2 percent to $2.02 trillion. Exports increased 0.9 percent and imports went up 1.5 percent during the period, while the trade surplus stood at $102.86 billion.

GAC spokesman Zheng Yuesheng attributed the improving export and import figures to rising demand due to global economic recovery and pro-trade measures from the Chinese central government, which together gradually reversed the weak performance in the first quarter.

China's trade with major partners gathered steam during the first half. Trade with the European Union saw the largest year-on-year growth of 9.6 percent, accounting for 14.4 percent of China's total foreign trade.

Its trade with the United States increased by 2.8 percent in the same period, followed by 2.6 percent with the ASEAN and 1.3 percent with Japan.

However, trade between the Chinese mainland and Hong Kong dropped 24.1 percent from a year ago due to a high base figure in the corresponding period last year.

Wang Xiaoguang, macro analyst under the Chinese Academy of Governance, cited other positive factors including the depreciation of the yuan and the stable recovery of the domestic market.

A report from the Bank of Communications also attributed the improvement in trade figures to the ending of the effect caused by the large base figures of last year.

Weighed down by shrinking external demand, China's total foreign trade was disappointing in the Jan-March period, with exports down 3.4 percent, adding to concerns over the country's economic strength.

Along with an array of lackluster leading indicators, China's GDP growth slipped to 7.4 percent Jan-March, the lowest quarterly expansion since the third quarter of 2012.

China's exports up 7.2% in June

China's exports up 7.2% in June
Top 10 global shipping centers   Top 10 trading partners of the Chinese mainland

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