Arab Today, arab today china\s trade surplus widens to 1305 bn in may
Last Updated : GMT 15:51:22
Arab Today, arab today
Arab Today, arab today

China\'s trade surplus widens to $13.05 bn in May

Arab Today, arab today

Arab Today, arab today China\'s trade surplus widens to $13.05 bn in May

Beijing - AFP

China\'s politically sensitive trade surplus expanded to $13.05 billion in May from the previous month as the value of exports hit a new record high, government data showed Friday. The trade surplus a major bugbear for China\'s key trade partners, the United States and Europe was bigger than the $11.4 billion recorded in April but sharply lower than a Dow Jones Newswires forecast for $18.6 billion. Exports growth slowed last month, rising 19.4 percent year-on-year to $157.16 billion but still a record high for a single month based on previous data customs authorities said in a statement. Imports gathered pace, soaring 28.4 percent from a year earlier to $144.11 billion. In April, exports rose 29.9 percent to $155.7 billion while imports increased 21.8 percent to $144.3 billion. Analysts said the strong data should ease concerns that the world\'s second largest economy is slowing sharply. \"I still think overall we are seeing some moderation in growth in China but this strengthens my view that we are not seeing a hard landing,\" Royal Bank of Canada senior strategist Brian Jackson told AFP. The data showed economic woes in the United States and Europe were not having a big impact on China\'s exports while the acceleration in imports indicated higher commodity prices had not led to \"demand destruction\" in China, he said. The slowdown in economic growth could see China\'s currency strengthen at a slower pace in the coming months, said Citigroup economist Ken Peng. China tightly controls the value of its currency despite promising last June to let it trade more freely against the dollar, since when it has appreciated more than five percent. But critics argue the yuan is undervalued by as much as 40 percent and gives Chinese exporters an unfair advantage. On Friday, the central bank set the yuan central parity rate the midpoint of the currency\'s allowed trading band at 6.4853 to the dollar, weaker than Thursday\'s rate of 6.4830. Beijing has been pulling on a variety of levers to cool the economy, which grew 9.7 percent in the first quarter, as stability-obsessed leaders fret that high inflation and soaring house prices could trigger social unrest. There are growing signs the measures are bearing fruit China\'s manufacturing activity expanded at the slowest pace in 10 months in May and year-on-year auto sales fell in May for the second straight month. Analysts have played down concerns about a sharp slowdown for the Asian powerhouse due to persistent government efforts to stem a flood of credit into the economy and tame inflation, which is hovering above five percent. \"This is still just a moderation rather than a meltdown in growth so there is no need to worry about over-tightening,\" HSBC China economist Qu Hongbin said earlier this month. \"Beijing is likely to keep tightening mainly through reserve ratio and rate hikes in the coming months.\" China has already hiked interest rates and increased the amount of money banks must keep in reserve numerous times in recent months yet inflation has gathered pace. A raft of key economic data to be released Tuesday is expected to show inflation accelerated to 5.5 percent in May, higher than April\'s 5.3 percent and well above the government\'s annual target of four percent.

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