Chinese exports surge 44%, property prices fall

| July 12, 2010 | 0 Comments
Chinese exports surge 44%, property prices fall

Figures today revealed Chinese exports grew by 43.9% in June compared with a year earlier.

The figure, which exceeded expectations, comes after China overtook Germany as the world’s biggest exporter earlier this year. Germany had held the top spot since 2003.

Meanwhile, imports increased by 34.1% year-on-year in June.

As a result, China posted a trade surplus of $20.02 billion in June, according to the Chinese customs authorities.

It is the first trade data to be published since China let its currency, the yuan, trade more freely against the US dollar.

Since 19 June, the yuan has gained 0.8% against the dollar.

The US has long been arguing that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors.

In the meantime, other figures today revealed that Chinese property prices fell last month for the first time in more than a year.

The figures have raised concern and suggest a sharp slowdown in the latter half of the year, according to analysts.

China’s economy, which is the world’s third largest, expanded at an annualised rate of 11.9% in the first three months of the year.

However, despite the strong growth, economists recently cautioned that the economy is expanding too quickly.

Recent data, though, suggests growth may slow after two official independent surveys earlier this month revealed a slowdown in manufacturing activity.

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