China Trade Surplus Jumps 15 Pct in August
Date: 2008-9-19

China Trade Surplus Jumps 15 Pct in August

China's trade surplus in August rose 14.9 percent from a year earlier, as imports growth decelerated sharply on lower commodities prices.

The surplus last month was 28.69 billion U.S. dollars, posting gains for the second month in a row. The figure was 25.28 billion U.S. dollars in July and 24.97 billion U.S. dolars last August.

Exports in August jumped 21.1 percent to 134.87 billion U.S. dollars, compared with 26.9 percent in July. Imports climbed 23.1 to 106.18 billion U.S. dollars, down from 33.7 percent in July, the General Administration of Customs said on Wednesday.

"Exports growth decelerated, but imports posted much bigger slow-down as commodities prices and shipping rates slumped," an official with the Ministry of Commerce told Xinhua on the condition of anonymity. "This is the main reason why the surplus jumped."

The slower advance in the Chinese currency against the U.S. dollar also contributed to the surge.

"The yuan remained almost steady against the U.S. dollar since July. This can help exports while giving no further incentives to imports."

The trade gap narrowed 6.2 percent annually to 151.99 billion U.S. dollars in the first eight months of the year.

Exports increased 22.4 percent to 937.69 billion U.S. dollars during the Jan.-Aug. period and imports were up 30 percent to 785.69 billion U.S. dollars.

(Source: English Site of Department of Information Technology)