Chinese and Indian exports surge

China appears to be well on its way to a full recovery. From Bloomberg:

China’s exports surged in December and imports rose to a record in a stronger-than-forecast trade rebound that may lessen the case for governments to sustain stimulus programs this year.

Exports climbed 17.7 percent from a year earlier, the first increase in 14 months, and imports jumped 55.9 percent, the customs bureau said on its Web site yesterday. Year-on-year comparisons are affected by the tumble that began in late 2008, when the global credit crisis deepened.

In fact, concerns are rising that the Chinese economy may be overheating with bank lending surging in the first week of 2010.

Meanwhile, the other emerging Asian giant also reported strong trade data on Monday. From Bloomberg:

India’s exports increased to a 15- month high in December as recovery in the global economy boosted demand for the South Asian nation’s products.

Overseas shipments surged to $14.6 billion after rising 18.2 percent from a year earlier in the previous month, the first increase in 14 months, Trade Minister Anand Sharma told reporters in Mumbai today. Exports are rebounding after an average 17.4 percent decline in the past year.