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China's trade surplus widens in June on slowing imports China's trade surplus widens in June on slowing imports
(40 minutes later)
China's trade surplus widened in June as imports were weaker than expected underscoring worries that the domestic economy is slowing. China's trade surplus widened in June as import growth weakened, underscoring worries about both the domestic and global economy.
The trade surplus grew to $31.73bn (£20.46bn), up 42.9% from the same month last year, the customs bureau said.The trade surplus grew to $31.73bn (£20.46bn), up 42.9% from the same month last year, the customs bureau said.
Imports grew 6.3%, almost half the pace analysts were expecting. The main contributor was weak imports which grew 6.3%, about half the pace analysts were expecting.
China's domestic economy has been one of the major drivers of global growth.
Trade conflict
China's trade surplus with the US and other countries has pitted it against its trading partners in recent years.
China has been a massive exporter of cheap goods and the country has been accused by some in the US of keeping its currency, the yuan, undervalued giving it a competitive advantage.
The allegations of 'currency manipulation' are a subject of heated debate in the US election campaign this year, with some criticising the current administration for being too soft on China.
"A large trade surplus continues to put pressure on the yuan to appreciate, otherwise there may be trade sanctions from trading partners and a conflict with the United States," Li-gang Liu from ANZ in Hong Kong.
China has allowed the yuan to appreciate at a very gradual pace, however critics say it is still undervalued.
Domestic worries
The data out on Tuesday have also highlighted recent concerns that slowing demand from Europe and the US will impact the Chinese economy.
Exports beat analyst expectations rising by 11.3%. However that is still down from 15.3% in May.
The data comes days after the Chinese Premier Wen Jiabao said China faces "relatively large" downward pressures.The data comes days after the Chinese Premier Wen Jiabao said China faces "relatively large" downward pressures.
There was some good news, as exports beat analyst expectations rising by 11.3%. However that is still down from 15.3% in May. Mr Wen also said authorities would intensify their response to any economic slowdown and encouraged exporters to explore markets in Asia.
"What we're seeing across the region is weak domestic demand and exporters being able to hold up relatively better, but especially so in China," said Tim Condon from ING Singapore.
Mr Wen also said authorities would intensify their response to any economic slowdown.
Last week in a surprise move, the government cut borrowing costs for the second time in a month, raising concerns China may have posted weaker growth than expected in the second quarter.Last week in a surprise move, the government cut borrowing costs for the second time in a month, raising concerns China may have posted weaker growth than expected in the second quarter.
The official government report is due on Friday, and will include China's gross domestic product, fixed asset investment and industrial production.The official government report is due on Friday, and will include China's gross domestic product, fixed asset investment and industrial production.