China's trade account surplus rockets to US$43.1b

As economic growth surprisingly moderated.

According to Hang Seng Bank's China Economic Monitor, Mainland China’s economic growth unexpectedly eased in the first quarter, due mainly to slower industrial production and retail sales growth.

Latest report showed that the world's second-largest economy only grew by 7.7% in the first quarter from a year earlier, down from 7.9% in the last quarter of 2012, suggesting the country’s economic recovery remains challenging.

Here's more from the report:

Real industrial production growth decelerated to 9.5% in the first quarter from 10.0% in the last quarter of 2012. Domestic demand also showed signs of easing.

Although fixed asset investment (FAI) growth remained stable, mainly reflecting the government’s efforts to boost growth and housing market rebound, the growth of retail sales slowed due to the Central Government’s frugality campaign.

In the first quarter, retail sales only advanced 12.4% in nominal terms, compared with 14.9% in the fourth quarter of 2012. One positive aspect of the Mainland’s economy was the strong rebound in exports due to improved external demand.

The Mainland’s trade activities picked up significantly in the first quarter, with exports jumping 18.4% and imports rising 8.4%, up from 9.5% and 2.8% respectively in the fourth quarter of last year.

Meanwhile, the trade account recorded a surplus of US$43.1billion, compared with a much smaller surplus of US$0.7 billion in the same period last year.

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