Wednesday, 11 May 2011

China trade surplus and US import prices up in April

China's trade surplus jumped in April. AFP/CNA reports:

China's politically-sensitive trade surplus ballooned to US$11.4 billion in April and exports hit a record monthly high, data showed Tuesday, as Washington pressured Beijing for a stronger currency.

The trade surplus -- a constant thorn in the side of Sino-US relations -- dwarfed the US$139 million surplus posted in March and a Dow Jones forecast for $1 billion in April.

Exports rose 29.9 per cent year-on-year to $155.7 billion -- a record high value for a single month -- while imports increased by 21.8 per cent to US$144.3 billion, customs authorities said in a statement.

However, Chinese imports are no longer able to keep overall US import prices down. From Bloomberg:

Prices of goods imported into the U.S. rose more than forecast in April as a slumping dollar and growing economies overseas pushed up the cost of fuel and food.

The 2.2 percent increase in the import-price index followed a revised 2.6 percent gain in March, according to figures from the Labor Department today in Washington. Other reports showed distributors boosted inventories and small businesses lost confidence.

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