China’s Exports Hit Record High in June

Posted by Reading Time: < 1 minute

Jul. 13 – China’s exports for June surged to the highest they have been since July 2008, growing by 43.9 percent to US$137 billion.

Imports rose by 34.1 percent to US$117.4 billion creating a US$20 billion trade surplus, a record high for the year.

Both the trade surplus and the exports are at their highest level in two years, compared with US$136.68 billion in July 2008, according to statistics released by Customs.

Steel exports increased by 14 percent in June over the previous month to 5.6 million tons. The central government announced in late June that it was ending export tax rebates on steel and other materials. The policy is due to take effect July 15.

Exporters accelerated their shipment rates in anticipation of the policy change, leading to higher than expected export numbers industry analysts said.

During the first half of the year, steel exports more than doubled from the previous year to 23.6 million tons, Customs said.

China’s imports grew by 43.1 percent year on year to US$1.35 trillion in the first half of 2010, returning the country’s trade to “pre-crisis level,” according to Customs.