BEIJING, Aug. 9 (Xinhuanet) -- China's trade data came out Friday, blowing estimates out of the water. Exports were double that of estimates. But imports were down and missed expectations.
China’s export strength is back. July exports shot up 14.1 percent from a year earlier, almost double June's 7.2% growth. Imports fell 2.1 percent, down from the previous month’s 5.5 percent expansion, hinting at muted domestic demand.
"Global economic recovery is bringing back external demand for Chinese products, and will continue to lift the growth of China’s foreign trade volume." Said Zheng Yuesheng, Spokesman of General Administration of Customs.
Breaking it down, private firms posted strong growth in trade volumes, beating the SOEs and multinationals. The trade volume as a whole from the sector rose 18 percent on the year, 3.6 percentage points faster than the same period of last year.
"Private firms in China are more flexible in business strategies and adapting to changing external environments. They are playing a bigger part in China's trade. At the same time, foreign firms’ share of the trade volume is declining. Those are the positive changes in China’s trade mix." Said Zheng Yuesheng, Spokesman of General Administration of Customs.
Geographically, the coastal region -- which is traditionally an export heavyweight, contributed less to the trade pie in July, down 1.4 percentage points from last year.
(Source: CNTV.cn)
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