China's trade surplus hits record
By Zhu Zhu (China Daily)
Updated: 2006-09-12 08:46 China posted a record trade surplus of US$18.8
billion in August, far exceeding the previous peak of US$14.6 billion the
previous month, according to the General Administration of Customs.
The August surplus, the fourth consecutive monthly record, was driven by a
32.8 per cent jump in exports from a year earlier, which outpaced the 24.6 per
cent rise in imports. August exports recorded 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 per cent over the same period last year. Exports rose nearly 26 per cent
to about US$600 billion while imports reached US$505 billion, an increase of
21.6 per cent.
Mei Xinyu, a trade researcher with the Chinese Academy of International Trade
and Economic Co-operation, said the August record should not be a major surprise
as there is no major 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 the trade balance and
there are simply no major drivers for a major change in the trade balance this
year.
The rising surplus is believed to pose a challenge on
China's strategy of letting the yuan rise gradually so exporters with small
profit margins have time to adjust.
(China Daily 09/12/2006 page1)
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