China’s trade surplus surges to $31 bnAugust 11th, 2011 - 4:08 pm ICT by IANS
Beijing, Aug 11 (IANS) China’s trade surplus surged to $31.5 billion in July, the highest in two-and-a-half years, a media report said Thursday.
Exports surged 20.4 percent from a year earlier to $175.13 billion in July, a record high, while imports rose 22.9 percent year-on-year to $143.64 billion, the General Administration of Customs (GAC) said.
The July export growth figure shows a sharp rebound from June. Export growth declined to 17.9 percent in June from 37.7 percent in January, China Daily reported.
The trade surplus eased fears that the US and European debt crises might hurt global demand for Chinese goods, it said.
Officials said the growth in export will remain robust in the third quarter, driven up by rising overseas orders ahead of the Christmas shopping season.
However, it is too early to predict if US and European debt woes would hurt Chinese exports in the long-term, they said.
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Tags: beijing, bn, china daily, chinese exports, chinese goods, christmas, christmas shopping, crises, customs, debt woes, fears, gac, general administration, global demand, rebound, trade surplus, two and a half years