Figures show boost in Chinese trade growth
China’s trade growth accelerated in August despite weakening global demand and its politically sensitive trade surplus narrowed from a more than two-year high.
Export growth for the world’s second-largest economy grew to 24.5% from July’s 20.4%, while imports surged to 30.2%, up from July’s 22.9%, customs data showed.
The unexpectedly strong import growth shows that Chinese demand remained robust in August despite government efforts to steer economic growth to a more sustainable level.
Government curbs on investment in new factories, apartment buildings and other assets have blunted demand for imported iron ore and other raw materials, which could hurt exporters such as Australia and Brazil.
The acceleration in export growth shows the resilience of Chinese exporters and their ability to find opportunities abroad despite the European debt crisis, high unemployment rates in the US and problems elsewhere.
The country’s politically sensitive trade surplus narrowed to $17.8bn (€13bn)s from July’s 30-month high of €31.5bn.
Beijing is under pressure from Washington and other trading partners to ease currency controls and other measures that they complain keep the currency, the yuan, undervalued and swell China’s trade surplus.
This comes at a time when western governments are under pressure to generate new jobs amid fears of a possible renewed global recession.
China’s Communist government has allowed the currency to rise but not as fast as critics want.
