China’s December exports up 4.3%, trade surplus at RMB 1.61 trillion

BEIJING – China’s exports grew 7.9% in 2013 while imports expanded 7.3% from a year ago, resulting in a trade surplus growth of 12.8%, according to data released by the Generl Administration of Customs. The trade surplus for the year hit RMB1.61 trillion, with exports at RMB 13.72 trillion and imports at RMB12.11 trillion. Total foreign trade including both exports and imports has for the first time exceeded US$4 trillion.

For December only, overseas shipments rose 4.3% from a year earlier compared with a consensus forecast of 5.0%, while imports increased 8.3%, leaving a narrower-than-projected trade surplus of RMB154.9 billion.

Concerns in recent months over the accuracy of China’s trade data, with speculation that some Chinese companies have overstated their exports to circumvent controls on cross-border transactions and bring more cash into the country, has prompted the Government to crackdown on inflated data.