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China’s Export Machine Shifts Into High Gear, Even as U.S. Market Decelerates
China’s exports advanced at a 28% pace in May, despite growing economic turbulence in the United States and Europe, underscoring yet again that the Asian giant doesn’t need Western markets to flourish.
The strong export growth should also give China’s central bank more room to maneuver in its battle against escalating inflation at home.
After growing 21.9% in April, Chinese exports climbed 28.1% to $120.5 billion last month, China’s customs bureau reported. Exports to the United States grew 9.1% in the first five months of year, while exports to the European Union climbed 27.4%.
The increases demonstrate that global demand for Chinese…
12Jun2008 | Money Morning | Comments Off | ContinuedWeak Dollar Narrows Trade Deficit, but Inflation Blunts Consumer Demand
The trade deficit narrowed significantly in the month of March, as developing markets took advantage of a weak dollar and stocked up on American goods.
The gap shrank 5.7% from a revised $61.7 billion in February to $58.2 billion, the Commerce Department reported. Imports decreased 2.9% as the country experienced sluggish growth over the past six months, and according to some, slipped into a recession. It was the biggest drop in imports since December 2001.
Exports dropped by 1.7%, but that decline followed February’s record high export total of $151.1 billion. March’s export total of $148.5 billion was the second biggest…
12May2008 | Money Morning | Comments Off | Continued
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