China's March trade surplus surprise results from slowing import growth
2012 04 14
- Details
CHINA posted a US$5.35 billion trade surplus in March, a reversal from the$41.48 billion deficit in February and almost entirely because of a sluggish 5.3 per cent growth in imports, reports the Wall Street Journal.
This was below the 9.3 per cent forecast and far below the 39.6 per cent growth in February prompting fears about a fall of in consumer demand.
China customs statistics chief Zheng Yuesheng expected a "relatively big" risk of a downward slide.
Said Credit Agricole economist Dariusz Kowalcyzk: "This suggests domestic demand is weakening and may revive hard landing concerns. It is also likely to convince policy makers to ease monetary policy to stimulate the domestic segment of the economy."
The International Monetary Fund (IMF) is considering revising downward its projection of China's long-term current account surplus to five per cent from seven per cent, a move analysts say would bolster Beijing's argument that the yuan is valued fairly.
Source Shipping Gazette - Daily Shipping News
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