China's July trade surplus soars

BEIJING - China's monthly trade surplus leaped to US$47.3 billion in July, nearly tripling year-on-year, official data showed on Friday, as exports jumped while imports surprisingly declined.

Exports increased 14.5% year-on-year to $212.9 billion, the General Administration of Customs announced, while imports decreased 1.6% to $165.6 billion.

The surplus far exceeded the median forecast of $27.7 billion in a Wall Street Journal survey of 15 economists.

Export growth accelerated from June's gain of 7.2% and beat expectations of 8%.

However imports, which had gained 5.5% in June, failed to match the forecast of a 3% increase.

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