China says exports affected by unstable U.S. recovery

US News

China says exports affected by unstable U.S. recovery

Reuters | July 09, 2012 | 10:49 PM EDT

BEIJING (Reuters) - Demand for Chinese goods in June was well off the historical pace in part because the U.S. economy has not fully recovered, a senior Chinese customs official said on Tuesday.

Zheng Yuesheng, spokesman of China's General Administration of Customs, made the remarks after the release of the country's trade data for June.

China's exports grew 11.3 percent in June from a year earlier, faster than market expectations for a 9.9 percent increase but well off the pace in May when it posted an annual rise of 15.3 percent.

China's imports rose 6.3 percent last month from a year earlier, less than half the 12.7 percent increase forecast in a Reuters poll and down sharply from the 12.7 percent annual rise in May.

Zheng said the United States displaced European Union as China's largest export market during the first half.

(Reporting by Kevin Yao)

Source: http://www.cnbc.com/id/48129100?__source=RSS*tag*&par=RSS

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