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)