China's June imports at 20-month low
11 Jul 2011
China, the world's third-largest economy, saw its imports fall in June to its lowest level in 20 months, as recent government measures to tighten the country's monetary policy are beginning to have an impact on the country's pace of growth, government data showed.
The decline in import growth has led to a widening trade surplus, $22.3 billion in June compared to $13.1 billion in May, the biggest monthly trade surplus this year.
China's overall trade surplus in the first six months declined by 18 per cent y-o-y to $44.9 billion.
China's imports grew by 19.3 per cent to $139.7 billion y-o-y, the weakest since November 2009 and recorded a sharp decline from the 28.4 per cent surge in May, government data showed.
China, the world's second largest economy and the biggest exporter saw its country's exports rise miniscule by 17.9 per cent, a decline compared to the 19.4 per cent rise in May.
Import growth was weaker than expected, according to analysts. "We are perhaps seeing some reflection of loss of momentum in China's growth," said David Cohen of Action Economics in Singapore.
