Arab Today, arab today china may trade data highlights growth concerns
Last Updated : GMT 15:03:06
Arab Today, arab today
Arab Today, arab today

China May trade data highlights growth concerns

Arab Today, arab today

Arab Today, arab today China May trade data highlights growth concerns

Beijing - AFP

China on Saturday reported a sharp slowdown in exports in May compared to the previous month while imports unexpectedly dropped, as the world\'s second largest economy grapples with slowing growth and sluggish overseas demand. Overseas shipments rose just one percent to $182.8 billion last month, far lower than 14.7 percent recorded in April, customs authorities said in a statement. It also missed a medium forecast of 5.6 percent expansion in a Dow Jones Newswires\' poll of economists. Imports dropped 0.3 percent to $162.3 billion, said the statement, down from a rise of 16.8 percent in April and well below the economists\' median forecast of a five percent increase. Trade surplus stood at $20.4 billion last month, it said, widening marginally from the previous month. The disappointing performance was due to \"a slowdown in the domestic economy, sluggish foreign demand, companies\' high costs, the appreciation in the yuan\'s real value and a worsening trade environment\", customs said. It was also a result of a crackdown on misreporting by importers and exporters, it added. They may have overstated their business to seek to evade Chinese government controls on capital movements and channel funds into the country, he said. Two-way trade between Hong Kong and the Futian Bonded Area, in the nearby Chinese city of Shenzhen, soared by \"an extremely abnormal rate\" of six times in the first quarter of the year, state broadcaster China Central Television reported Saturday. A truck carrying the same batch of electronic products crossed the border 54 times in 11 days in April, each time logged onto the customs\' record as a new shipment, it said. The world\'s second-largest economy registered 7.8 percent growth in 2012, its slowest rate in 13 years. The government in April announced a surprisingly weak expansion rate of 7.7 percent for the first quarter, dashing hopes that growth was poised to accelerate in 2013 after showing strength at the end of last year. More recent economic indicators also failed to improve the outlook, with manufacturing activities in the country coming in at a contracting eight-month low of 49.2, according to a survey by HSBC this week. A figure below 50 indicates a contraction. \"Growth in exports to all major developed economies slowed... suggesting a recovery in the global economy is yet to be strong,\" Tang Jianwei, a Shanghai-based economist with the Bank of Communications, told AFP. \"Domestic demand has continued to be slack, affecting imports of commodities and raw materials.\" He also noted that rising trade disputes between China and major trade partners have had a \"rather big negative impact\" on the country\'s imports and exports. On Tuesday the European Commission imposed anti-dumping duties on imports of Chinese solar panels. Beijing responded immediately with an announcement of an anti-dumping probe into European wine, widening a row that has already involved telecom equipment, chemicals and seamless pipes. The world\'s top exporter is also embroiled in trade disputes concerning other products with countries including the United States and Japan. ANZ Bank analysts said the prospects for China\'s exports looked \"grim\" due to trade frictions and a strong Chinese currency, which has gained almost 20 percent against the yen this year. \"We believe China\'s loss of competitiveness relatively to ASEAN and Japan will gradually show up in China\'s export data in the following months, which will have dire consequences to China\'s already weak job markets,\" said Liu Ligang and Zhou Hao in a research note. But Tang said the monthly change in trade data is unlikely to prompt the government to take any immediate measures. \"The Chinese leadership is much more tolerant of slower economic growth than in the past. They want to focus on reforms,\" he said. Chinese leaders have said expansion will slow in the next stage of the nation\'s development from the near-double-digit yearly rises of recent decades, as they try to retool the economy to emphasise consumer demand as the key growth driver, rather than investment and exports. The government has set its economic growth target for this year at 7.5 percent.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china may trade data highlights growth concerns Arab Today, arab today china may trade data highlights growth concerns

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise

GMT 05:40 2017 Thursday ,16 February

Stocks rise on Yellen’s positive US outlook

GMT 05:34 2017 Thursday ,16 February

‘Protectionism, populism threaten euro zone’

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday