China's July trade surplus almost triples to $59.2b

China's monthly trade surplus leaped to US$47.3 billion (S$59.2 billion) in July, nearly tripling year-on-year, official data showed on Friday, as exports jumped while imports surprisingly declined. -- PHOTO: AFP
China's monthly trade surplus leaped to US$47.3 billion (S$59.2 billion) in July, nearly tripling year-on-year, official data showed on Friday, as exports jumped while imports surprisingly declined. -- PHOTO: AFP

BEIJING (AFP) - China's monthly trade surplus leaped to US$47.3 billion (S$59.2 billion) in July, nearly tripling year-on-year, official data showed on Friday, as exports jumped while imports surprisingly declined.

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

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

Export growth accelerated from June's gain of 7.2 percent and beat expectations of 8.0 per cent.

However imports, which had gained 5.5 per cent in June, failed to match the forecast of a 3.0 per cent increase.