China's monthly trade surplus grew for the second month in a row, in April.
The world's second largest economy reported a whopping $11.43-billion U.S. surplus in April, up from its $1.68-billion U.S. surplus recorded in the same month last year, China's General Administration of Customs said Tuesday.
Exports rose 29.9% year-over-year to $155.69 billion U.S. in April, trouncing the December record, and imports rose at a 21.8% rate, to $144.26 billion U.S.
China is the world's second largest economy after the United States, and has has long depended on its status as an export powerhouse to fuel its growth.
But since the Great Recession slowed foreign demand for Chinese goods, China's government has taken steps to shift some of its dependence on exports to its own domestic consumption.
In a five-year plan announced earlier this year, Premier Wen Jiabao highlighted the need for domestic demand -- not exports -- to eventually become the key driver of China's growth.
Analysts expect China to have a surplus for the year overall, due to China's recent efforts to tighten monetary policy.
Those efforts are meant primarily to curb rapid inflation, but in addition, are likely to slow China's booming construction sector, some experts said. That would, in turn, reduce China's demand for raw material imports later this year.
From January to April, total export volume reached $1,100.32 billion U.S., 28.5% higher than same time last year. The accumulated trade surplus totaled $10.28 billion U.S. during that same time period. That's 32.8% lower than same time last year.
Top officials from the United States and China are currently meeting in Washington D.C., with hopes of reducing tensions on trade, among other issues.
U.S. government officials have recently criticized China for keeping its currency, the yuan, artificially low. President Obama is trying to increase U.S. exports rapidly as a way to spur economic growth -- but a weaker yuan could give China an unfair advantage in the global marketplace, by making their exports cheaper.
The United States is also likely to face some criticism on its own policies. Because China is the largest creditor to the U.S., it may want reassurance that Congress will do what it must to reduce the massive deficit, and avoid reaching the fast approaching debt ceiling.
