China's export posted stronger than expected results in July with an all-time high monthly trade surplus of USD 47.3 billion, mainly due to recovering external demand, according to data published today.
July's exports surged 14.5 per cent from the previous year reaching USD 212.9 billion while imports dropped 1.6 per cent to USD 165.6 billion, the General Administration of Customs (GAC) said in a statement.
The export growth rate more than doubled from the 7.2- per cent rise seen in June.
It's the fastest rate of growth in more than a year, state-run Xinhua news agency reported.
Trade surplus for July reached an all-time high of USD 47.3 billion, soaring by around 170 per cent from the previous year, up 50 per cent from June, the customs data showed.
Monthly trade volume went up 6.9 per cent year on year to USD 378.5 billion in July.
Analysts regard it as good for Chinese which is experiencing slowdown of its export dependent economy which hovered around 7.5 per cent with predictions of further slow down.
HSBC's chief China economist Qu Hongbin attributed the strong export figures mainly to further recovery in external demands.
Imports dropped due to a high comparison base from a year earlier and declines in both import volumes and prices for commodities including copper, crude oil and refined oil products, Qu said.
In the first seven months, total trade volume edged up by two percent to USD 2.4 trillion, with exports up three per cent to USD 1.28 trillion.
Imports rose one per cent to USD 1.12 trillion.
Total trade surplus in the first seven months surged 20.9 per cent from the same period last year, reaching USD 150.6 billion, the GAC said.
