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China export growth edges up to 7.2 per cent in June

Date 10-July-2014
Subject China export growth edges up to 7.2 per cent in June

HONG KONG: China says its export growth edged higher in June while imports rebounded, but remained below analyst expectations, highlighting an uneven recovery for the world's second biggest economy.

The customs department said Thursday that exports rose 7.2 per cent in dollar terms from a year earlier, up slightly from May's 7 per cent growth.

Imports grew 5.5 per cent last month after shrinking 1.6 per cent in May, according to the data from the General Administration of Customs.

China's authorities have unleashed mini-stimulus measures to boost growth, which slowed to 7.4 per cent in the first quarter. But analysts expect the economy to slow as the impact fades.

Exports for June totaled $186.8 billion while imports were $155.2 billion, resulting in a $31.6 billion trade surplus.

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Rubber prices, which were ruling at `208 per kg in 2011-12, have fallen to `141.50 per kg as on Tuesday. India imported 93,250 tonnes of rubber in April-June 2014. In the financial year ended March 31, the imports were to the tune of 325,000 tonnes.

Kerala State Cooperative Rubber Marketing Federation president T H Mustafa told reporters that the state government has decided to lead an all-party delegation of MPs from Kerala to Delhi for a meeting with the Prime Minister, the Union Commerce Minister and the Finance Minister to take up the cause of rubber farmers in the state.

Despite the depressed local prices, tyre manufacturers continued to import rubber to take advantage of lower price in international market. For RSS-3 grade, Malaysian prices are ruling at `119.72 per kg on Tuesday as against the local prices of `142 per kg. Rubber prices in other major producing countries such as Vietnam and Indonesia are even lower.

Being a WTO signatory, India cannot impose a ban on rubber imports, said a Rubber Board official. There has been a 30 per cent increase in rubber production in the world markets, which has resulted in the slump in prices.Indian production of natural rubber stood at 9,03,700 tonnes in 2011-12 while the consumption was higher at 9,64,415 tonnes. The country imported 2,13,785 tonnes during the year.

Similarly, in 2012-13, Indian production stood at 9,13,700 tonnes while the consumption was higher at 9,72,705 tonnes. Imports during that fiscal stood at 2,17,364 tonnes. In 2013-14, Indian production of natural rubber was 8,46,000 tonnes while the consumption stood at 9,78,745 tonnes. Imports for the period were at 3,25,190 tonnes.

This financial year (April-June), the production stood at 1,67,000 tonnes while the consumption was higher at 2,77,000 tonnes.

According to Mustafa, Finance Minister K M Mani in his budget promised to earmark `10 crore to buy rubber at `2 higher than the prevailing market price.

Mustafa said there are no immediate plans to offload the rubber procured as the local prices are now ruling at much below the prices at which the commodity was procured.

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