China Reports Surprising Trade Surplus Jump
China’s trade surplus with the rest of the world grew more than expected in June, according to numbers released Saturday.
The Chinese government said its trade surplus was $20.02 billion in June, higher the expected amount of $14.6 billion. The surplus was larger than May’s $19.5 billion, which itself was the result of high growth in exports.
Dow Jones reported that China’s total exports grew 43.9% in June compared to the year-ago period, a drop from May’s year-on-year growth of 48.5%. Imports rose 34.1%, less than May’s 48.3% rise. Economists had expected exports to rise 40% and imports to rise 38%.
A report by Dow Jones Newswires following the trade surplus data speculated that figures will prompt more international pressure on China to further loosen its currency control.