China’s trade surplus leaped to a near two year high in December despots forecasts of a decline, on the back of strong exports and a slowdown in imports.
Figures from China’s General Administration of Customs indicates that the country’s trade surplus rose to USD$54.69 billion last month, as compared to $40.21 billion and a forecast decrease to $37 billion.
The December surplus is the highest posting by China since January 2016.
China’s exports in December posted year-on-year growth of 10.9%, ahead of the consensus forecast of 9.1% yet still below the November rise of 12.3%.
Imports, however, saw a year-on-year increase of just 4.5%, as compared to a forecast of 13%, and November growth of 17.7%, for the weakest growth since December 2016.
Given the bumper increase in foreign trade last year, growth is expected to slow markedly in 2018.
“It will be hard for China’s foreign trade growth to remain in the double this year,” said Huang Songping, a spokesman for the General Administration of Customs.