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China’s trade surplus widens in July

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by Kay Mitchell
China's trade surplus widens in July

China’s trade surplus widened to $28.7 billion (£17.9 billion) last month as exports soared.

Not only did the trade surplus surge from June’s $20.02 billion, but it exceeded expectations of a $19.6 billion surplus. The figure represented the highest since January 2009, when it stood at $39.11 billion.

Exports grew 38.1% in July on an annual basis, albeit slowing from June’s 43.9% rise. Meanwhile, imports grew 22.7% on an annual basis, but, again, slower than June’s 34.1% increase.

It was the fourth consecutive month that year-on-year growth in imports has slowed.

Brian Jackson, a senior analyst at Royal Bank of Canada in Hong Kong, comments: “In the United States we still have unemployment close to 10 percent and data out later this week will likely show another huge trade deficit of more than 40 billion dollars.

“This contrast in the trade position of the two most important economies in the world will likely increase the pressure from Washington for Beijing to allow further currency appreciation,” he added.

In related news, China will tomorrow release inflation, fixed asset investment and industrial production figures.

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News posted: August 10, 2010

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