China Unexpectedly Reports Trade Surplus
China reported an unexpected trade surplus last month as import growth trailed forecasts, underscoring risks of a deeper slowdown in the world’s second-largest economy.
Inbound shipments rose 5.3 percent, below the 9 percent median estimate in a Bloomberg News survey. Exports increased 8.9 percent from a year earlier, more than forecast, leaving a trade surplus of $5.35 billion, compared with a median projection for a $3.15 billion trade deficit.
Asian stocks fell amid renewed concern about growth in China, fiscal woes in Europe and Federal Reserve Chairman Ben S. Bernanke’s comment that the U.S. economy was far from a full recovery.