09 SEPTEMBER 2014AlCircle.com
China’s high export and low import of aluminium creates a $49.8 billion trade surplus
Edited by : AL CIRCLE
1 min read
With the rising exports and a second climb of aluminium in three days, China, the biggest consumer of industrial metals, experienced a healthy trade surplus.
According to the Beijing based customs administration, China’s export grew by 9.4% in August when compared to last year, beating the Bloomberg News Survey prediction of 9%. Meanwhile aluminium saw a hike of 0.3% climbing to $2,100/mt in London. The unexpected 2.4% drop in the imports also contributed to the trade surplus which amounted to $49.8 billion.
“China’s better-than-expected trade surplus and exports data eased concern over a slowdown in the country’s growth, providing support for metals,” said Kazuhiko Saito, an analyst at Fujitomi Co., a commodities broker in Tokyo.
Aluminium had dropped by 0.2% last week which was its first drop in three weeks. The aluminium due for delivery in three months rose by 0.3% to $2,098.50/mt as on 8th September, 11:43 a.m. in Tokyo.
According to the Beijing based customs administration, China’s export grew by 9.4% in August when compared to last year, beating the Bloomberg News Survey prediction of 9%. Meanwhile aluminium saw a hike of 0.3% climbing to $2,100/mt in London. The unexpected 2.4% drop in the imports also contributed to the trade surplus which amounted to $49.8 billion.
“China’s better-than-expected trade surplus and exports data eased concern over a slowdown in the country’s growth, providing support for metals,” said Kazuhiko Saito, an analyst at Fujitomi Co., a commodities broker in Tokyo.
Aluminium had dropped by 0.2% last week which was its first drop in three weeks. The aluminium due for delivery in three months rose by 0.3% to $2,098.50/mt as on 8th September, 11:43 a.m. in Tokyo.
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