China with trade surplus again
China achieved in April a trade surplus of USD 18.16 billion after a USD 884 million deficit in March
As we reported before, outside experts doubt this new figure because of the over-invoicing of Chinese exporters. The export growth is around 8.6 %. Exports to the U.S. increased during January – April 2013 by 5 %, whereas those to the EU decreased by 0.9 %. The State Administration for Foreign exchange announced that they will closer inspect and survey export invoices and there will be tougher penalties for providing false data. This is a warning to continue over-invoicing as described extensively in another feature of TextileFuture in the past.
The imports in April increased 16.8 % and were on the rise already in March by 14.1 %.
The official Purchasing Managers’ Index slipped from 50.9 to 50.6 points and thus tipping to the fact that there is practically no expansion. In the ongoing year the Chinese currency improved one percent against the USD.