CHINA / National

China trade surplus hits another record in July
Updated: 2006-08-09 15:46

China's trade surplus in July hit a record 14.61 billion dollars, offering further evidence that the Chinese economic machine is continuing to race ahead.

July exports were up 22.6 percent to 80.34 billion dollars from a year ago, with imports rose 19.7 percent at 65.72 billion dollars, the Shanghai Securities News reported, citing an unnamed customs official.

The report said exports for the seven months to July rose 24.8 percent to 508.9 billion dollars. Imports for the period were up 21.1 percent at 432.95 billion dollars.

The trade surplus in June was a then-record 14.5 billion dollars, according to previously released official figures. China's trade surplus for the first six months totaled 61.45 billion dollars.

The official trade numbers for the first seven months of the year are expected to be released this week, the paper said.

In a separate story the newspaper, citing a report by the State Information Centre, a government think tank, said that China's trade surplus was expected to come in at 146 billion dollars for the year.

China's current policy of appreciating the yuan gradually and reducing export rebates have had little effect on China's trade surplus, the think tank said.

"Stimulating domestic consumption is the key to softening China's huge trade surplus," it said.

Last year the trade surplus surged to 102 billion dollars, fueling anger from the United States which says China has an artificially weak currency which gives Chinese exporters an unfair advantage.


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