Published Date : Jun 09, 2014
Increased global demand has helped to improve China’s exports by 7% compared to last year.
Last year showed a decline in growth of China’s export industry. This was attributed to fake invoicing of exports last year, which were done to escape the impending currency restrictions. However, since May 2013 such activities were repressed.
According to the General Admissions of Customs, China’s trade surplus increased to USD 35.9 billion, while the trade surplus in April 2013 was USD 18.5 billion.
These figures add to the concern about the Chinese economy state, which has previously showed signs of weakness especially from the retail and manufacturing sectors.
According to a TV spokesperson, recent figures show that China’s exports growth has stabilized and will continue to improve.
The trade figures show that exports to the U.S. increased by 6.3% in May, and shipment to Europe increased by 13.4%. The trade figures also display that exports to ASEAN bloc nations rose by 9.1%.
The government of China is targeting for a total trade growth of 7.5% for 2014, as compared to 7.6% growth in last year which fell below the official target of 8%.
Even though there is rise in China’s exports, data showed that there was an unexpected fall in imports. This shows weaker domestic demand which could impact the world’s second-largest economy.
However, earlier Chinese commerce ministry predicted that the country’s trade could brighten in May as many government support measures were introduced. Analysts have also said that the weak trade figures were a result of fake invoicing of exports which were practiced to overcome currency restrictions. After May 2013 officials have successfully repressed such activities.