China's trade surplus increased to $US27.13 billion in June, as both exports and imports fell.
Exports fell 3.1 percent in June from a year earlier, the first decline since January 2012. The customs administration said the main reasons for the decline included weak external demand, rising labour costs and a stronger yuan currency. Exports to the United States and European Union declined for the fourth consecutive month, 5.4 percent and 8.3 percent respectivelly. Shippments to Japan, Taiwan and Austrlaia also decreased.
Imports decreased 0.7 percent from a year earlier to USD 147 Billion.
The surprise fall in exports and imports in June indicated that economic growth was likely to remain under pressure in the coming months.
7/10/2013 11:19:44 AM