More Evidence The China Miracle May Be Headed For Rough Seas As Trade Surplus Soars

Sunday, July 10, 2011 22:03
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More Evidence The China Miracle May Be Headed For Rough Seas As Trade Surplus Soars

Tags: China | trade

China’s trade surplus widened to the highest level in seven months as imports grew at the slowest pace since 2009.

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The $22.3 billion trade surplus exceeded estimates and was the biggest June gap since 2007.
Exports climbed 17.9%, the least since December, to a record $162 billion. Imports jumped 19.3 percent to $139.7 billion, Bloomberg reports.


The surplus is expected to hinder government efforts to cool inflation, which is rising at its fastest rate in three years in China.


The People’s Bank of China has raised interest rates five times since mid-October. China’s gross domestic Product rose 9.3% in the second quarter from the same period a year earlier, down from 9.7% in the first quarter.
 

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