China denies inaccurate export data

China’s customs agency responded to allegations that official export data are inaccurate, after prominent banks shed doubt on the figures, Bloomberg reported. “In our published export and import data, every dollar has a corresponding customs declaration document to back it,” said the General Administration of Customs in a statement emailed to Bloomberg on Monday. Customs data released last week showed exports increased 14.1% in December year-on-year, following a 2.9% rise in November. The surge prompted economists from banks including UBS (UBS.NYSE) and Australia & New Zealand Banking Group (ANZ.ASX, ANZ.NZE) to question the accuracy of the data, citing diverging import figures from China’s trading partners. Lower export figures may indicate a weaker-than-reported economic recovery for China. “It is possible that local governments may have tried to boost exports data by either making round trips in special trade zones” or changing the dates on exports, Goldman Sachs analysts wrote in a note last week.