China’s trade surplus fell to a nine-month low in January after imports surged, supporting the government’s case ahead of a Group of 20 (G20) meeting that it is doing enough to spur domestic demand without speeding up currency appreciation.
|||China’s trade surplus fell to a nine-month low in January after imports surged, supporting the government’s case ahead of a Group of 20 (G20) meeting that it is doing enough to spur domestic demand without speeding up currency appreciation.
The trade surplus shrank to $6.5 billion (R47bn) from $13.1bn in December, well short of forecasts for a $10.7bn gap.
Global stocks and commodity prices climbed higher, with the surprisingly strong imports highlighting China’s massive appetite for raw materials and its solid export growth hinting at solidifying recoveries in the US and European economies.
In the past, a weaker surplus would have caused concern for China, but more recently the government has been trying to shift the economy towards greater reliance on consumption and less on exports, in part to address critics who say that its success has come at the expense of other countries.
It was the third consecutive month of declining trade surpluses, and though not enough to mark a definitive change, that streak provides a symbolic boost to China before the G20 meeting in Paris on Friday and Saturday of finance ministers from the biggest developed and developing economies.
Analysts warned, however, that its surplus could rebound later this year. “There tends to be a seasonal pattern,” said Jian Chang, an economist with Barclays Capital in Hong Kong. - Reuters
Source: http://www.iol.co.za/chinese-trade-surplus-hits-a-low-1.1026883
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