China’s trade surplus surged to a record in July as export growth unexpectedly accelerated and imports fell, suggesting the U.S. and European recoveries will help sustain expansion in the world’s second-largest economy.
Overseas shipments increased 14.5 percent from a year earlier, the Beijing-based customs administration said today, beating all estimates in a Bloomberg News survey that had a median projection of 7 percent. Imports dropped 1.6 percent, leaving a trade surplus of $47.3 billion, bigger than all analyst estimates.
Sales to the biggest markets of the U.S. and Europe surged, indicating strength in demand that will reduce pressure on Premier Li Keqiang to expand stimulus in the second half to bolster growth. The report contrasts with the International Monetary Fund’s estimate last month of a slowdown in the U.S. economy that accompanied a cut in its global growth outlook.
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