Trade surplus hits US$14.5B in June
Updated: 2006-07-11 09:07
China's global trade surplus rose to a record monthly high of US$14.5
billion in June, the Commerce Ministry said Monday.
Figures on new loans and money supply, meanwhile, show signs of a slight
slowdown, although China's sizzling economic growth has boosted expectations of
a further tightening in credit.
Exports rose 23 percent from a year
earlier to US$81.3 billion while imports climbed 19 percent to US$66.8 billion,
the ministry said in a report on its Web site.
The Yangshan deep water port in Hangzhou Bay,
southeast of Shanghai. China has posted a record US$14.5 billion trade
surplus in June, up 49 percent year-on-year.
The previous record surplus for a single month was US$13 billion in May.
China's trade surplus has been soaring in recent months after hitting a
historic high of US$102 billion last year, more than triple the US$32 billion
surplus in 2004. The latest report did not include data for individual
June's increase raised the trade surplus for the first half of the year to
US$61.5 billion, a 55 percent jump over last year's first-half surplus of
The surge in exports has worried China's economic planners, who say the
country needs to rely more on domestic demand than on exports and investment to
fuel growth if its industrial boom is to be sustained.
The economy grew at an annual rate of 10.3 percent in the first quarter of
the year. First-half figures have yet to be released but media reports,
citing authoritative government officials, have said it likely would remain at
about 10 percent.
Reports on other economic data released Monday suggest that regulators may be
making some headway in efforts to tighten credit and curb surging spending on
factories and construction.
Chinese economic planners have expressed alarm at the surge in lending,
saying it could lead to financial problems if investments in redundant factories
and showcase real estate projects end up being unprofitable.