China's December exports rise sharply

Annual growth in Chinese exports reached a seven-month high in December, adding to other signs of economic recovery after a seven-quarter slowdown, Reuters reported. Trade figures released by China’s customs office Thursday showed exports increased 14.1% year-on-year in December, surpassing predictions of 4% by analysts surveyed by Reuters. Imports increased 6% year-on-year last month, also higher than predictions for a 3% increase and accelerating from zero growth in November. The figures led to a two-month high trade surplus of US$31.6 billion. Despite the year-end uptick, China’s full-year 2012 exports increased only 7.9% and imports 4.3%, missing the country’s targeted 10% growth for both. Also, the figures were likely accentuated by lower comparison numbers from last year and exporters clearing end-of-year orders, which suggests the rebound may not endure, said economists.