Chinese exports jump 14.5%

China's exports jumped 14.5 percent from a year earlier in July, up for the fourth consecutive month, supported by steady economies of the US and other industrial countries, government figures showed Friday.
Exports, of which growth rate more than doubled June's 7.2 percent expansion, totaled USD 212.9 billion, according to data released by the General Administration of Customs. The export growth rate was also the fastest in more than a year.
Imports by the world's second-largest economy fell 1.6 percent from a year earlier to USD 165.6 billion last month, compare to a rise of 5.5 percent in June. As as exports surged while imports declined, the monthly trade surplus hit an all-time high of USD 47.3 billion, soaring around 170 percent on the year. Exports to the US, China's top export destination, gained 12.3 percent year-on-year in June, while shipments to the 28-member EU, the second-biggest market, climbed 17.0 percent.
HSBC's chief China economist Qu Hongbin attributed the strong export figures mainly to further recovery in external demands state-run Xinhua News Agency reported. "Imports dropped due to a high comparison base from a year earlier and declines in both import volumes and prices for commodities including copper, crude oil and refined oil products," Qu was quoted as saying.