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News Text
China's August exports exceeds forecast, shows signs of steadier growth
Date:2012-7-24 Degree:1921

Sep.11--CHINA's exports rose 7.2 per cent in August from a year earlier and imports rose seven
per cent, leaving the country with a trade surplus of US$28.6 billion for the month.

Better-than-expected trade statistics from the Customs Administration were 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.

Market expectations in a Reuters poll were of a rise of six per cent in exports, an 11.3 per cent rise
in imports and a trade surplus of $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.

The trade figures showed exports of electronics, textiles and machinery rose in the month. Exports to
ASEAN nations jumped 30.8 per cent in August, outpacing July's gains, while exports to the US rose 6.1
per cent, faster than July's 5.3 per cent gains. 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.

Yet, a sustained recovery is still not certain. Imports were below expectations, a reflection of
caution among manufacturers about future demand. "There is no doubt that the external demand is
improving, especially in developed countries," said Industrial Bank chief economist Lu Zhengwei.

"But we are still not optimistic about the outlook in H2. Emerging market economies are struggling
even though advanced economies are on the mend. Many Chinese companies, such as steel firms, are
exporting at losses."

(Source:shippingazette)

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