(Yicai Global) May 9 -- Despite a huge narrowing of China's global trade surplus in the first four months of the year, exports to the US have soared against imports from the world's largest economy, official data shows.
China's goods trade surplus fell 26 percent on the year to CNY715 billion (USD104 billion) in the first four months, according to data released yesterday by the nation's General Administration of Customs. The value of exports climbed 14.7 percent to CNY4.57 trillion (USD662 billion), while imports surged 27.8 percent to CNY3.85 trillion.
However, the surplus widened by 4.8 percent in the European Union, its largest trade partner, by 4.8 percent to CNY257 billion. It extended 12.2 percent to CNY489 billion in the US, its second largest trade partner.
Over the same period, the surplus declined by 18.7 percent to CNY110 billion in the Association of Southeast Asian Nations, China's third largest partner. With its next biggest partner, Japan, China has a trade deficit, which was almost twice as large as last year at CNY42 billion over the first four months.
China's trade surplus grew 0.6 percent to CNY262.3 billion last month, the customs administration said. Exports rose 14.3 percent on the month to CNY1.24 trillion while imports grew 18.6 percent to CNY979 billion.