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China's trade surplus widens in June on slowing imports

Category: Business

Published: 10th Jul 2012 03:53:49

China's trade surplus widened in June as imports were weaker than expected underscoring worries that the domestic economy is slowing.

The trade surplus grew to $31.73bn (£20.46bn), up 42.9% from the same month last year, the customs bureau said.

Imports grew 6.3%, almost half the pace analysts were expecting.

The data comes days after the Chinese Premier Wen Jiabao said China faces "relatively large" downward pressures.

There was some good news, as exports beat analyst expectations rising by 11.3%. However that is still down from 15.3% in May.

"What we're seeing across the region is weak domestic demand and exporters being able to hold up relatively better, but especially so in China," said Tim Condon from ING Singapore.

Mr Wen also said authorities would intensify their response to any economic slowdown.

Last week in a surprise move, the government cut borrowing costs for the second time in a month, raising concerns China may have posted weaker growth than expected in the second quarter.

The official government report is due on Friday, and will include China's gross domestic product, fixed asset investment and industrial production.

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BBC News, 2012. China's trade surplus widens in June on slowing imports [Online] (Updated 10th Jul 2012)
Available at: http://www.ukwirednews.com/news/1439570/Chinas-trade-surplus-widens-in-June-on-slowing-imports [Accessed 2nd Sep 2014]

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