Chinese Exports Hit Record Highs in July on Strong Volume to Western Markets
Chinese exports closed out record highs in July, up 20.4% from the previous year, led by strong volume to US/European markets, allaying concerns that growth of the world’s No. 2 economy would be hampered by sovereign debt concerns. Showing the largest jump in Chinese exports seen since April, a report released today, Aug. 10, shows that export growth beat out the median forecasting from economists by a healthy 3%, with imports rising 22.9%. Coming in short order after the Federal Reserve announcement to keep interest rates low through 2013, this data shows illustrates the rationale for China’s signaling that it…