Steep drop in exports shrinks balance surplus

China's net flow of goods and services, or its current account surplus, shrank 32 percent this year to June as the global recession clamped down on exports for the world's third largest economy.

It is the first decline in the nation's current account surplus since 2004.

Current account surplus is the difference between a nation's sum of exports of goods, services and gifts between countries, and its total imports.