Rise in trade surplus slows
By Wang Yanlin |
June 11, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S trade surplus rose less than expected to US$13.05 billion in May from April's US$11.4 billion, and analysts estimated slower export growth will curb a rising surplus in the months to come.
Exports last month grew 19.4 percent from a year earlier to US$157.16 billion, down sharply from April's 29.9 percent, the General Administration of Customs said yesterday. Imports jumped 28.4 percent to US$144.11 billion, compared to April's 21.8 percent.
The surplus in May was smaller than market expectation which settled at US$18 billion. It set the surplus in the first five months at US$22.97 billion, a contraction of 35.1 percent from a year ago.
"China's export growth slowed unexpectedly," said Xue Jun, an analyst at CITIC Securities Co. "It is possibly the spillover effect of Japan's earthquake and tsunami."
China's cooling manufacturing sector also partly explained moderating growth in exports, Xue said.
The official Purchasing Managers' Index, which measures the strength of industrial activity, fell to a nine-month low of 52 percent in May. New export orders dropped 0.2 percentage points to 51.1. A figure above 50 indicates expansion.
But the smaller-than-expected surplus will ease the pressure over a stronger yuan. "After last month's strategic dialogue between the United States and China, the yuan has shown signs of quicker appreciation," said Xu Weihong, a Guodu Securities Co analyst.
The yuan has risen more than 5 percent from last June when China said it would accelerate reform of the foreign exchange regime.
China's trade may be clouded by uncertainties on the global market while domestic demand will sustain, a recent World Bank report said.
"US import growth has recently tapered off and the impact of the Japanese crisis is expected to be felt more keenly," it said. "But fortunately, demand conditions in Europe have been improving."
It said China's current account surplus will remain lower than in the recent past as demand in high-income countries will be similar to that in the global crisis.
In January-May, the European Union remained China's biggest trading partner with a bilateral trading value of US$218 billion, up 22.9 percent from a year earlier.
Trade with Japan expanded 20.4 percent, slower than China's overall average of 27.4 percent.
Shanghai's trade increased 22.1 percent on an annual basis to US$170.2 billion in the past five months, coming only after Guangdong and Jiangsu provinces.
Exports last month grew 19.4 percent from a year earlier to US$157.16 billion, down sharply from April's 29.9 percent, the General Administration of Customs said yesterday. Imports jumped 28.4 percent to US$144.11 billion, compared to April's 21.8 percent.
The surplus in May was smaller than market expectation which settled at US$18 billion. It set the surplus in the first five months at US$22.97 billion, a contraction of 35.1 percent from a year ago.
"China's export growth slowed unexpectedly," said Xue Jun, an analyst at CITIC Securities Co. "It is possibly the spillover effect of Japan's earthquake and tsunami."
China's cooling manufacturing sector also partly explained moderating growth in exports, Xue said.
The official Purchasing Managers' Index, which measures the strength of industrial activity, fell to a nine-month low of 52 percent in May. New export orders dropped 0.2 percentage points to 51.1. A figure above 50 indicates expansion.
But the smaller-than-expected surplus will ease the pressure over a stronger yuan. "After last month's strategic dialogue between the United States and China, the yuan has shown signs of quicker appreciation," said Xu Weihong, a Guodu Securities Co analyst.
The yuan has risen more than 5 percent from last June when China said it would accelerate reform of the foreign exchange regime.
China's trade may be clouded by uncertainties on the global market while domestic demand will sustain, a recent World Bank report said.
"US import growth has recently tapered off and the impact of the Japanese crisis is expected to be felt more keenly," it said. "But fortunately, demand conditions in Europe have been improving."
It said China's current account surplus will remain lower than in the recent past as demand in high-income countries will be similar to that in the global crisis.
In January-May, the European Union remained China's biggest trading partner with a bilateral trading value of US$218 billion, up 22.9 percent from a year earlier.
Trade with Japan expanded 20.4 percent, slower than China's overall average of 27.4 percent.
Shanghai's trade increased 22.1 percent on an annual basis to US$170.2 billion in the past five months, coming only after Guangdong and Jiangsu provinces.
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