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Chinese exports surge 39 percent |
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News |
April 14, 2000
BEIJING, APR 13 (AP) - In their biggest surge in five years, China's exports grew 39.1 percent in the first quarter of the year to dlrs 52 billion, according to preliminary figures reported by state media Thursday.
Imports also grew, but the export boom drove China's trade surplus up 22 percent in the first three months to dlrs 5.22 billion, newspapers reported, citing government trade figures.
The figures were a turnaround from last year, when China's trade surplus fell 31 percent. It slid another 22 percent in the first two months of the year.
China's trade surplus is a sore point with the United States and other trading partners. Barriers meant to protect state-owned industry keep out most finished goods and consumer products.
A senior trade official said the surge "has all the qualities of a recovery," but cautioned against expecting it to continue.
"We absolutely must not be optimistic too early," Zhou Keren, deputy foreign trade minister, was quoted as saying.
The trade surplus in March was dlrs 2.3 billion, up 400 percent from the same month last year, according to state radio.
China's export growth in the first three months of the year was at its highest since the second quarter of 1995.
Zhou was quoted as saying that the high numbers stemmed in part from the low base for comparison set by last year's slack exports.
The surplus had been expected to fall further as policies aimed at boosting flagging economic growth by encouraging domestic consumption increased the Chinese appetite for imports.
The government has cut interest rates and spent heavily on public works projects to fuel growth.
Imports rose 41 percent in the three-month period to dlrs 46.5 billion, news reports said.
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