12 July 2010 09:18 [Source: ICIS news]
GUANGZHOU (ICIS news)--China’s exports surged 44% year on year in June due to a recovery in global demand, but the strong numbers may not be sustained through the second half of 2010, analysts said on Monday.
The country's decision to remove tax rebates on exports, as well as an expected weakening of demand from Europe would weigh on ?xml:namespace>
The world’s third-biggest economy exported $137bn (€108bn) worth goods in June, while its imports totalled $117bn, representing a 34% increase, based on latest data from the General Administration of Customs (GAC) of China.
For the first six months of 2010, total exports rose 35% to $705bn, while imports were up 52.7% to $650bn, the GAC data showed.
“We estimate that exports had peaked last month with resilient international demand for Chinese goods and there would be a gradual decrease in the coming six months,” said Zhu Jianfang, chief economist at Beijing-based brokerage CITIC Securities.
The country may also feel some repercussions from the ongoing eurozone debt crisis in terms of weaker demand for Chinese goods, he said.
Based on official statistics, its polyester chips imports fell by a hefty 37% to 19,175 tonnes in June, while its imports of ABS resins eased 11% to 176,473 tonnes and its rubber imports slipped 15% to 248,227 tonnes.
($1 = €0.79)
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