China's exports beat forecasts
CHINA'S exports rose more than expected last month, boosted by improving demand for the country's goods in major markets and adding to evidence that the world's second-largest economy may have avoided a sharp slowdown.
The Customs Administra- tion said yesterday that exports rose 7.2 per cent last month from a year earlier and imports rose 7 per cent, leaving the country with a trade surplus of US$28.6 billion for the month.
The figures compared with market expectations in a Reuters poll of a rise of 6 per cent in exports, an 11.3 per cent rise in imports and a trade surplus of US$20 billion.
"China's August trade sustained the upward trend seen since July, in line with accelerating growth momentum and improving market sentiment, pointing to an upside bias in Q3 GDP growth,"ANZ economists Liu Li-Gang and Zhou Hao said in a note after the data was released.
Yesterday's trade figures showed exports of electronics, textiles and machinery rose in the month. Exports to Asean nations jumped 30.8 per cent last month, outpacing July's gains, while exports to the United States rose 6.1 per cent, faster than July's 5.3 per cent.
Exports to the European Union rose 2.5 per cent, little changed from July's gain, while exports to Japan contracted for the seventh straight month.