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China recorded a record high trade surplus of US$47.3 billion in July 2014, reports BIMCO.
The surplus came on the back of very strong export growth, while imports contracted.
Additionally, the world’s second largest economy saw its overseas shipments increase by 14.5 per cent in July as compared to same month last year.
Exports to vital markets in the United States and Europe both increased. BIMCO data showed 8.8 per cent growth year-on-year in inbound loaded containers on the east coast of the USA during the first six months of 2014.
The United States’ west coast, meanwhile, saw growth of 5.3 per cent year-on-year.
Both figures were much higher than the previous years’ growth of 1.9 per cent and 2.0 per cent, respectively, over 2012.
In its July update of the World Economic Outlook, the International Monetary Fund (IMF) reduced its forecast for global GDP growth by 0.3 per cent to 3.4 per cent, mostly due to the USA’s weak first quarter.
Import data mirrored this weakness in activity, said BIMCO, however the second quarter has been comparatively strong, meaning in turn stronger demand for imported containerised goods from China.
Europe, whilst still in recovery mode, had also shown an increased demand for imported containerised goods, BIMCO concluded.