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| Chinese exports and imports rise more than expected | Chinese exports and imports rise more than expected |
| (35 minutes later) | |
| Growth in Chinese exports and imports rose more than expected in July, a sharp recovery from the previous month. | |
| Chinese exports rose 5.1% compared to a year earlier while imports gained 10.9%, data showed. | Chinese exports rose 5.1% compared to a year earlier while imports gained 10.9%, data showed. |
| The rises were wild swings from June's data, which showed exports had fallen 3.1% and imports had dropped 0.7%. | The rises were wild swings from June's data, which showed exports had fallen 3.1% and imports had dropped 0.7%. |
| Last month, the government reiterated its 7.5% economic growth target for this year, after expansion slowed in the second quarter. | Last month, the government reiterated its 7.5% economic growth target for this year, after expansion slowed in the second quarter. |
| The July data meant the trade surplus narrowed to $17.8bn (£11.5bn), down from June's $27.1bn. | The July data meant the trade surplus narrowed to $17.8bn (£11.5bn), down from June's $27.1bn. |
| 'Stabilisation' | 'Stabilisation' |
| Chinese data in general, and especially trade data, is often seen to be unreliable amid allegations of false invoicing and other factors that could skew the numbers. | Chinese data in general, and especially trade data, is often seen to be unreliable amid allegations of false invoicing and other factors that could skew the numbers. |
| Analysts said the rise in exports was easier to explain. China has seen its manufacturing and exports sector slow in the wake of the global financial crisis that has sapped demand for its products. | Analysts said the rise in exports was easier to explain. China has seen its manufacturing and exports sector slow in the wake of the global financial crisis that has sapped demand for its products. |
| "The higher-than-expected export growth is easier to understand and this kind of growth rate still reflects that external demand just picked up very slowly," said Wei Yao from Societe Generale in Hong Kong. "It is more of a stabilisation rather than a sharp rebound." | "The higher-than-expected export growth is easier to understand and this kind of growth rate still reflects that external demand just picked up very slowly," said Wei Yao from Societe Generale in Hong Kong. "It is more of a stabilisation rather than a sharp rebound." |
| However, the sharp rebound in imports was tougher to understand, many analysts said. | However, the sharp rebound in imports was tougher to understand, many analysts said. |
| "The surprise in import growth does not necessarily mean a recovery of domestic demand, as I do not see any other signs so far. Maybe a spike in global oil prices can explain part of the surge in Chinese imports," said Jianguang Shen from Mizuho Securities Asia in Hong Kong. | "The surprise in import growth does not necessarily mean a recovery of domestic demand, as I do not see any other signs so far. Maybe a spike in global oil prices can explain part of the surge in Chinese imports," said Jianguang Shen from Mizuho Securities Asia in Hong Kong. |