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August exports grow 2.7% while imports drop 4.7%
By Wang Yanlin |
September 10, 2012, Monday
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Online Edition
Online Edition
CHINA'S exports recovered a bit last month but imports posted the first loss since January, reflecting weak demand at home and abroad.
Exports expanded 2.7 percent from a year earlier to US$177.9 billion in August, the General Administration of Customs said this morning. The pace picked up from the minor increase of 1 percent in July.
Imports, however, fell 2.6 percent to US$151.3 billion, down sharply from a growth of 4.7 percent in July and 6.3 percent in June.
They left a trade surplus of US$26.6 billion last month, compared with July's US$25.1 billion and June's US$37.1 billion.
"The sudden deceleration in imports is hardly expected," said Xue Jun, an analyst at CITIC Securities Co. "It points to a sagging domestic demand as no monetary easing measures have been introduced since July."
Lu Zhengwei, chief economist for China at Industrial Bank, said "although exports staged a rebound, it was much weaker than expected and exports may fluctuate because there has been no fundamental improvement in the European debt crisis."
Lu estimated previously that exports might jump 5.5 percent from a year earlier in August, which proved to be too optimistic.
Zhou Hao, an economist at Australia and New Zealand Banking Group Ltd, urged the government to roll out new supportive policies to stabilize economic growth.
He said one more cut in the bank reserve requirement ratio is necessary to boost liquidity in the banking system and to cushion the economic slowdown.
However, a rebound in inflation may refrain the government from further easing its monetary policy.
The Consumer Price Index, a main gauge of inflation, ended a four-month streak of declines in August by expanding 2 percent, up from July's increase of 1.8 percent, the National Bureau of Statistics said yesterday.
But other data are disappointing. China's factory production hit a three-year low and fixed-asset investment continued to shrink, dimming hopes for a robust recovery in the world's second-largest economy.
It has become increasingly difficult for China to fulfill its goal of attaining a 10-percent trade growth this year.
In the first eight months, China's trade rose 6.2 percent year on year to US$2.49 trillion, the Customs data showed. Trade surplus has grown to US$120.6 billion in August.
Bank of Communications estimated in its report last month that China will have a total trade surplus of around US$150 billion this year, a bit less than last year's US$155.1 billion.
Exports expanded 2.7 percent from a year earlier to US$177.9 billion in August, the General Administration of Customs said this morning. The pace picked up from the minor increase of 1 percent in July.
Imports, however, fell 2.6 percent to US$151.3 billion, down sharply from a growth of 4.7 percent in July and 6.3 percent in June.
They left a trade surplus of US$26.6 billion last month, compared with July's US$25.1 billion and June's US$37.1 billion.
"The sudden deceleration in imports is hardly expected," said Xue Jun, an analyst at CITIC Securities Co. "It points to a sagging domestic demand as no monetary easing measures have been introduced since July."
Lu Zhengwei, chief economist for China at Industrial Bank, said "although exports staged a rebound, it was much weaker than expected and exports may fluctuate because there has been no fundamental improvement in the European debt crisis."
Lu estimated previously that exports might jump 5.5 percent from a year earlier in August, which proved to be too optimistic.
Zhou Hao, an economist at Australia and New Zealand Banking Group Ltd, urged the government to roll out new supportive policies to stabilize economic growth.
He said one more cut in the bank reserve requirement ratio is necessary to boost liquidity in the banking system and to cushion the economic slowdown.
However, a rebound in inflation may refrain the government from further easing its monetary policy.
The Consumer Price Index, a main gauge of inflation, ended a four-month streak of declines in August by expanding 2 percent, up from July's increase of 1.8 percent, the National Bureau of Statistics said yesterday.
But other data are disappointing. China's factory production hit a three-year low and fixed-asset investment continued to shrink, dimming hopes for a robust recovery in the world's second-largest economy.
It has become increasingly difficult for China to fulfill its goal of attaining a 10-percent trade growth this year.
In the first eight months, China's trade rose 6.2 percent year on year to US$2.49 trillion, the Customs data showed. Trade surplus has grown to US$120.6 billion in August.
Bank of Communications estimated in its report last month that China will have a total trade surplus of around US$150 billion this year, a bit less than last year's US$155.1 billion.
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