China - exports grew less than expected trade balance deficit unexpectedly
China's foreign trade balance for March surprised deficit of 880 mill.USD. Market while the average calculated with a surplus at about 15 mld.USD. Deficit after excluding the impact of the end of the lunar year appeared recently in March 2010.
Exports in March grew by 10% compared to February's increase of 21.8% compared to 11.7% and the expected market. Imports then by 14.1%, which exceeded market expectations set at about 6%. Import growth was primarily due to increased demand for raw materials.
Exports to Hong Kong grew by an unprecedented 92.9% to 48.4 mld.USD, which was the highest in the past 18 years, and it featured a full 21.8% of total exports .. Such data, however, raise some doubts over the credibility of the data presented.
Exports declined in all major trade partner countries such as USA, Europe, Japan, South Korea and Canada, exports to Thailand grew by 44.9%.
The government this year set a plan of growth of foreign trade by 8% compared to 10% from last year.
The central bank today set a new reference rate for the yuan at 6.2548 per dollar, a new five-year maximum.
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