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| Record Trade Surplus in August |
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China posted a record trade surplus of US$18.8 billion in August, far exceeding the previous high of US$14.6 billion in July, according to the General Administration of Customs. The August surplus, the fourth consecutive record in as many months, was driven by a 32.8 percent jump in exports compared with a year earlier, which outpaced the 24.6 percent rise in imports. August exports were valued at US$90.8 billion while imports were US$72 billion. China posted a trade surplus of US$94.65 billion in the first eight months, up 57 percent over the same period last year. Exports rose nearly 26 percent to about US$600 billion while imports reached US$505 billion, an increase of 21.6 percent. Mei Xinyu, a trade researcher with the Chinese Academy of International Trade and Economic Cooperation, said the August record should not be a major surprise as there hasn't been any real change in the external factors affecting overseas trade. Many research reports and analysts forecast China's full-year trade surplus to reach between US$140 billion and US$150 billion. They agree that the appreciation of the currency is too small to really affect trade balance and there are simply no key drivers for a significant change this year. The rising surplus could pose a challenge to China's strategy of letting the yuan rise gradually, which would give exporters with small profit margins time to adjust. (China Daily September 12, 2006) |
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