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Exports rise 7.2% while imports advance 5.5%
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CHINA’S trade strengthened in June, reinforcing belief the world’s second biggest economy is stabilizing, data from the General Administration of Customs showed today.
Exports expanded 7.2 percent from a year earlier to US$186.7 billion in June, faster than the 7 percent pace the previous month. Imports rose 5.5 percent to US$155.2 billion, reversing May’s 1.6 percent decline.
“Improving trade figures show growth may have picked up somewhat in the second quarter due to targeted mini stimulus,” said Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd. “The data suggest that both external and domestic demand are recovering.”
The trade surplus was US$31.5 billion in June, down from May’s US$35.9 billion but much higher than April’s US$18.5 billion.
Zhou said the surplus would add pressure on the yuan to increase in value.
“A large trade surplus has again put the yuan in the spotlight at the ongoing Sino-US Strategic and Economic Dialogue,” Zhou said.
He said the currency will likely rise to 6.15 yuan per US dollar by the end of this year, up from the current spot rate of 6.20.
Finance Minister Lou Jiwei said yesterday it was hard to take a hands-off approach when it came to the yuan due to the unsteady economy and abnormal capital inflows.
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