China posts higher trade surplus than expected
China has reported a $11.4 billion (£6.98 billion) trade surplus for April, far exceeding expectations after the country posted its first quarterly trade deficit in almost seven years.
By comparison, China’s trade surplus for March was $140m as part of a $1.02 billion deficit for the January-March quarter this year. Higher commodity costs are thought to have contributed to the results.
Chinese exports rose by 26.5% on an annual basis to reach $400 billion in the first quarter. Imports increased by 32.6% to $401 billion.
Exports continued to rise in April. Bloomberg reports that the figure rose by 30% to $156 billion.
The Shanghai Composite stockmarket index rose by 0.6% this morning in the wake of the news. As its exports are faring better in the short term, China may face renewed pressure to let its currency strengthen and address its high levels of inflation.
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