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China exports weaker than forecast China reports mixed trade figures
(35 minutes later)
China's exports rose less than forecast in December, according to data released by the customs administration. China has reported better than expected growth in imports for December, helping cushion concerns of a weaker than forecast rise in exports.
Exports rose 4.3% from a year ago. Many analysts had forecast a growth closer to 5%. The figure also marks a slowdown from the 12.7% growth in November. Imports jumped 8.3% from a year earlier indicating strong domestic demand.
However, imports rose by a higher than expected annual rate of 8.3%. Exports rose by a weaker than expected annual rate of 4.3%. That marked a slowdown from the 12.7% annual growth in November.
Analysts said the growth in imports showed that domestic demand in China was rising, a trend they said would help sustain growth in its economy. Analysts said that while exports had weakened, strong domestic demand would help sustain growth in China's economy.
"This indicates that domestic demand is not as soft as had been feared, and the Chinese economy - while decelerating - is unlikely to see a sharp slowdown," said Dariusz Kowalczyk, an economist with Credit Agricole CIB in Hong Kong."This indicates that domestic demand is not as soft as had been feared, and the Chinese economy - while decelerating - is unlikely to see a sharp slowdown," said Dariusz Kowalczyk, an economist with Credit Agricole CIB in Hong Kong.
"The data is positive for China and Asia sentiment as it alleviates concerns that China is slowing too sharply.""The data is positive for China and Asia sentiment as it alleviates concerns that China is slowing too sharply."
For the full year, China exports rose at an annual rate of 7.9% in 2013, while imports grew 7.3%.