InfoAnda - China exports set to drop as Europe losses mount

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China exports set to drop as Europe losses mount AP - Saturday, June 12 Send IM Story Print BEIJING – Chinese exports that boomed last month are likely to tumble in the second half of the year due to debt woes in the crucial European market, China's Commerce Ministry said Saturday. China's exports surged by nearly 50 percent in May, exceeding most analysts' forecasts and producing a monthly trade surplus of $19.5 billion. Exports to the 27-nation European Union _ China's largest trading partner _ were up 34.4 percent in the month from a year earlier, while exports to the United States rose 24.8 percent. China's politically sensitive trade surplus with the United States was $16.7 billion. Those numbers will likely weaken considerably in coming months due to a slow recovery in European countries saddled with large amounts of sovereign debt, along with rising labor costs and higher commodity prices, Commerce Ministry spokesman Yao Jian told reporters at a news conference. "Europe is our country's largest trading partner. Given the murky and not at all optimistic climate, the stability of our trading policy is paramount," Yao said. Exports to Europe, whose debt problems are expected to hurt consumer spending, grew by 34.4 percent from January to May, the ministry said. China's overall exports shot up 48.5 percent in May alone to $131.7 billion, while imports rose 48.3 percent. The strong trade figures have rekindled concerns that Washington and other governments will renew pressure on Beijing to let its currency rise. The yuan has been frozen against the dollar since late 2008 to help China's exporters compete amid weak global demand but its trading partners say that is distorting trade. Analysts expect the yuan to rise this year but say China's leaders will act only once it is clear global demand has recovered. Chinese officials have cited the decline in the euro's value as a major headache for the nation's exporters, making Chinese products more expensive in Europe and contributing to sentiment against allowing the yuan to rise. Recommend Send IM Story Print Related Articles Taiwan, China 'stuck' in major trade pact AFP - Sunday, June 13 China says foreign direct investment jumps AFP - Saturday, June 12 China rejects US accusations on yuan AFP - Saturday, June 12 Taiwan's AUO confident over US price-fixing charge AFP - Saturday, June 12 China exports set to drop as Europe losses mount AP - Saturday, June 12 News Search Top Stories France plans to cut spending by 45 bln euros France announces 45 bln euros in spending cuts by 2013 Obama, Cameron to discuss BP spill Britain honours actress Zeta-Jones, F1 racer Coulthard At least 16 die in US campsite flood disaster More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Euro to hit dollar parity in 2011, if still exists: analyst Ahmadinejad blasts US, says Israel is 'doomed' Missing US yacht girl found safe in Indian Ocean Obama has made 'big mistake' with Iran: Ahmadinejad Britain honours actress Zeta-Jones, F1 racer Coulthard More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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