China's trade balance jumps in April

By Kim Young-gyo
HONG KONG, May 10 (Yonhap) -- China's trade balance jumped in April as exports soared to a record-high, the Chinese customs authorities said Tuesday.
According to the General Administration of Customs, the country's trade surplus stood at US$11.43 billion last month, compared with $140 million in the previous month.
Exports increased 29.9 percent on-year to $155.69 billion, and imports grew 21.8 percent from a year earlier to $144.26 billion.
Many analysts expected a smaller surplus as the world's second-largest economy seeks to maintain its economic growth by encouraging domestic spending so as to reduce its heavy reliance on exports.
China's trade balance turned red earlier in February, recording the largest trade deficit since February 2004. However, it swung back into the black in March.
April's unexpected large surplus will likely put pressure on China to further appreciate its currency, as the U.S. has been arguing that China artificially lowers the value of the yuan, giving its exporters an unfair advantage in overseas markets. China has continuously resisted such arguments.
Meanwhile, the Chinese yuan surged to its highest level against the U.S. dollar on Tuesday for a second day in a row, a development seen as amicable to the U.S., which has been demanding the appreciation of the Chinese currency.
The appreciation occurred as the third joint meeting of the U.S.-China Strategic and Economic Dialogue is being held in Washington, D.C., on Monday and Tuesday.
The talks are led by U.S. Secretary of State Hillary Clinton and U.S. Treasury Secretary Tim Geithner, and China's Vice Premier Wang Qishan and State Councilor Dai Bingguo.
ygkim@yna.co.kr