Chinese exports top expectations

China’s exports grew faster than expected in April, rising 14.7% year-on-year compared to 10% growth in March, Bloomberg reported. Imports rose 16.8% year-on-year in April, compared to 14.1% in March. The country swung back to a trade surplus of US$18.2 billion, after recording a trade deficit of US$0.88 billion in March. The figures were announced on the heels of trade data releases in South Korea and Taiwan that missed expectations. Louis Kuijs, chief China economist at Royal Bank of Scotland Group, said that exports may actually be 9 percentage points lower than reported because of businesses overstating export figures.