Foreign trade picks up, short of expectation

%3CP%3E%3CFONT%20face%3DVerdana%3EChinese%20imports%20picked%20up%2C%20while%20export%20numbers%20also%20improved%20slightly%20in%20the%20world%27s%20largest%20trading%20nation%20in%20June%2C%20although%20growth%20was%20less%20than%20expected.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThough%20challenges%20remain%2C%20trade%20is%20projected%20to%20rebound%20in%20the%20second%20half%20of%20the%20year%2C%20a%20customs%20official%20said%20on%20Thursday.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EExports%20recorded%207.2%20percent%20year-on-year%20growth%20in%20June%2C%20below%20a%20market%20consensus%20of%2010.4%20percent%2C%20and%20a%200.2%20percentage%20point%20increase%20from%20May%27s%20figures.%20Imports%20in%20June%20increased%205.5%20percent%20year-on-year%2C%20versus%20a%201.6%20percent%20year-on-year%20fall%20in%20May%2C%20customs%20data%20showed.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20trade%20surplus%20totaled%20%2431.6%20billion%20in%20June%2C%20narrowing%20from%20May%27s%20%2435.9%20billion.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Despite%20being%20below%20consensus%2C%20June%20exports%20expanded%20at%20a%20healthy%20pace%20and%20are%20consistent%20with%20export%20growth%20momentum%20in%20the%20first%20five%20months%20of%202014%2C%22%20Lu%20Ting%2C%20chief%20China%20economist%20at%20Bank%20of%20America%20Merrill%20Lynch%2C%20said%20in%20a%20research%20note%20on%20Thursday.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20customs%20data%20showed%20exports%20worth%20%241.06%20trillion%20and%20imports%20of%20%24959%20billion%20during%20the%20first%20six%20months%20of%202014%2C%20up%200.9%20percent%20and%201.5%20percent%20from%20a%20year%20earlier%2C%20reversing%20a%20decline%20during%20the%20first%20five%20months%20of%20the%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ETrade%20with%20the%20EU%20and%20US%20-%20China%27s%20top%20two%20trading%20partners%20-%20grew%20by%209.6%20percent%20and%202.8%20percent%20year-on-year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EExport%20growth%20was%20helped%20by%20stable%20external%20demand%20and%20supportive%20trade%20policies%2C%20Zheng%20Yuesheng%2C%20spokesperson%20of%20the%20General%20Administration%20of%20Customs%2C%20said%20at%20a%20press%20conference%20in%20Beijing.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ESteady%20economic%20growth%20at%20home%2C%20recovering%20external%20demand%2C%20and%20disappearance%20of%20an%20inflated%20trade%20base%20that%20emerged%20during%20January%20to%20April%202013%20should%20lead%20to%20a%20better%20trade%20outlook%20during%20the%20second%20half%20of%20the%20year%2C%20he%20said.%20Many%20analysts%20speculated%20that%20the%20inflated%20trade%20base%20was%20the%20result%20of%20domestic%20companies%27%20round-shipping%20goods%20to%20increase%20export%20figures.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Trade%20growth%20is%20expected%20to%20accelerate%20in%20the%20third%20quarter%20%u2026%20yet%20the%207.5%20percent%20trade%20growth%20target%20for%20this%20year%20remains%20a%20tough%20mission%2C%22%20Zheng%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20labor-intensive%20exports%20occupied%20a%20declining%20share%20of%20trade%20with%20major%20trading%20partners%20including%20the%20US%2C%20the%20EU%20and%20Japan%2C%20ceding%20ground%20to%20cheaper%20labor%20in%20Southeast%20Asian%20nations%20like%20Vietnam%2C%20India%20and%20Bangladesh%2C%20Zheng%20noted.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ERising%20labor%20costs%20and%20restraints%20on%20energy%20consumption%20weakened%20the%20competitiveness%20of%20China%27s%20labor-intensive%20exports.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EInitiatives%20adopted%20by%20developed%20markets%20to%20revitalize%20their%20own%20manufacturing%20sectors%20have%20led%20to%20cooling%20foreign%20direct%20investment%20in%20China%2C%20which%20has%20had%20a%20negative%20impact%20on%20Chinese%20manufacturing%20exports%2C%20Zheng%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EFrequent%20trade%20frictions%20and%20remedial%20actions%20taken%20by%20the%20trading%20partners%20have%20also%20weighed%20on%20China%27s%20export%20prospects%2C%20he%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EOfficial%20data%20show%20that%20China%20was%20on%20the%20receiving%20end%20of%2092%20trade%20remedy%20investigations%20by%20trade%20partners%2C%20worth%20a%20total%20of%20%243.66%20billion%20in%20trade%2C%20during%202013.%20Trade%20protectionism%20has%20intensified%20this%20year%2C%20with%20the%20US%20filing%20six%20cases%20against%20Chinese%20exports%20in%20May%20alone%2C%20while%20the%20EU%20slapped%20antidumping%20and%20countervailing%20duties%20on%20solar%20glass%20from%20China.%20Solar%20glass%20is%20used%20in%20solar%20panels%20for%20its%20exce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