Asia Economy
China reports strong rise in exports in May but imports were weak
By Finfacts Team
Jun 9, 2014 - 8:45 AM

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Thunderstorms hit Beijing at noon on June 8, 2014, turning a blue sky to darkness.

China reported a strong rise in exports in May but imports were weak raising concerns over domestic demand, suggesting that the economy remains sluggish.

Exports rose 7% year over year in May, according to official data released on Sunday and compared with an 0.9% advance in April and the 2.3% fall in the January-April period.

The General Administration of Customs (GAC) said that China's exports rose seven% year on year to US$195bn in May.

Bai Ming, a senior researcher with the Chinese Ministry of Commerce, said the trade data in May is more reliable than that in the Jan-April period when their comparison base was inflated by a rash of fake invoicing of exports to evade currency restrictions.

In comparison with recovering exports, imports dipped by 1.6% last month to $160bn from an 0.8% rise in April.

Thanks to the pick-up in exports, China's trade with major partners continued to rise. From January to May, its trade with the European Union, the United States, the ASEAN and Japan rose by 11.7%, 5.1%, 3.6% and 3.4%, respectively.

Despite the brighter picture, Xinhua the sate news agency reported that analysts believe that "the external environment for China's foreign trade is still complicated."

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