BEIJING (dpa-AFX) - Correcting typos
China's exports registered a faster-than-expected growth in December taking the trade surplus for 2024 to a record high as businesses frontloaded orders amid looming trade tariff threats.
Data from the General Administration of Customs on Monday showed that exports advanced 10.7 percent on a yearly basis in December, faster than the 6.7 percent increase in November and also economists' forecast of 7.3 percent.
At the same time, imports increased moderately by 1.0 percent on year but confounded expectations for a decline of 1.5 percent. This follows a 3.9 percent fall in November.
Consequently, the trade surplus increased to $104.8 billion from $97.4 billion in November. The surplus was well above the expected level of $100 billion.
Capital Economics economist Zichun Huang said shipments are expected to remain strong in the coming months, as US importers continue to stockpile Chinese goods ahead of tariff hikes.
However, exports are likely to weaken later this year as President Trump puts his tariff threats into action.
Imports will probably recover further in the short run as faster fiscal spending drives demand for industrial commodities, said Huang.
The customs office reportedly said that exports were up 5.9 percent and imports climbed 1.1 percent in the whole year of 2024, which led to a record trade surplus of $992.1 billion.
Elsewhere on Monday, Chinese regulators vowed to stabilize the weakening yuan. The People's Bank of China and the State Administration of Foreign Exchange said the yuan exchange rate will be kept stable at reasonable levels and efforts will be undertaken to prevent excessive volatility.
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