China exports, imports rise faster than expected

MarketWatch.com - MarketPulse LOS ANGELES (MarketWatch) -- China s exports rose 10.6% in January compared to a year earlier, accelerating from a 4.3% advance the previous month, customs data reported Wednesday showed. The result was well ahead of a 2% forecast rise from a Reuters survey and projections for a 0.1% gain in a Wall Street Journal poll of economists. Imports increased by 10%, picking up their pace from an 8.3% December advance and beating estimates for a 3% rise in both the Reuters and Wall Street Journal surveys. The resulting trade surplus totaled $31.86 billion. The Wall Street Journal had tipped a $27.1 billion surplus, widening from December s $25.6 billion. Despite the stronger-than-expected result, Chinese stocks showed little enthusiasm, with Hong Kong s Hang Seng Index up 0.6%, unchanged from before the data release, while the Shanghai Composite was down 0.3%, extending a 0.2% loss ahead of the numbers. The Australian dollar , however, climbed to 90.48 U.S. cents from 90.39 U.S. cents. The currency is often sensitive to data from China, which is a key export market for Australia.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.