China's trade surplus expanded to US$ 47.3 billion in July from US$ 31.6 billion in June, a record high, as export growth unexpectedly accelerated and imports dropped, the General Administration of Customs said in a statement on Friday.

The Beijing-based customs administration said exports in July went up 14.5 percent from a year ago to hit US$ 212.9 billion, while imports fell 1.6 percent to US$ 165.6 billion.

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The leaves a trade surplus of US$ 47.3 billion, bigger than all estimates by analysts and beating estimates of a survey conducted by a financial news agency. Analysts projected just a 7.5 percent rise in exports.

The new customs data also showed that in the first seven months of the year, China's total trade volume increased by 2 percent to US$ 2.4 trillion, with exports increasing 3 percent to US$ 1.28 trillion and imports edging up 1 percent to US$ 1.12 trillion.

The record trade surplus in July, analysts said, suggests that China's economic expansion goal of about 7.5 percent this year will be fuelled by global demand.

Total trade surplus in the first seven months surged 20.9 percent US$ 150.6 billion from US$ 125.9 billion in the same period last year, the statement issued by the customs agency said.

Experts said the latest figure that shows a record trade surplus could mean capital inflows although a clear evidence to establish such claim has not been found as of yet.

The State Council earlier vowed to support the stable growth of foreign trade and improve foreign trade structure by implementing various measures.

Among the measure that the State Council seeks to undertake is to optimize foreign trade structure by encouraging the importation of high technology equipment and key parts.

Another measure, the State Council said in a statement, is to facilitate trade and introducing intermediary clearing services.

TagsChina Trade