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China on the rebound according to customs agency
For the month of August, China's exports had increased greater than initial projections made. This is further proof that the world's second biggest economy is on the rebound after a six month decline.
According to the General Administration of Customs, overseas shipments rose 7.2% from the previous year. This exceeds the median estimate of 5.5% made by 46 economists that were surveyed by Bloomberg News as well as the 5.1% gain reached last July. On the other hand, imports climbed to just 7% from 2012, which is below the surveyed results. This left a trade surplus worth more than USD28 billion.
The rebound comes after the government announced the undertaking of support measures, namely tax cuts for small businesses as well as infrastructure projects such as railways. Another factor would be the return of confidence by the market after the interbank cash squeeze that occurred last June. Other contributors would be the improvement of other developed nations, which would account for a greater volume of exports for the coming quarter of the year, namely from the Eurozone's improvement after its extended recession.