Exports lift gloom over growth

China's trade surplus climbed to a record level in August as exports rose on the back of increased shipments to the United States and Europe, while imports fell for a second month as a slump in property sales hurt domestic demand.

Exports increased 9.4 percent from a year earlier, the Beijing-based customs administration said on Monday, compared with a 9 percent median estimate in a Bloomberg survey. Imports dropped unexpectedly by 2.4 percent, leaving a trade surplus of $49.8 billion.

Divergent directions for exports and imports show China is a long way from providing the global growth boost that IHS Inc this month said it would need to eclipse the US economy by 2024. Languishing domestic demand underscores risks to the government's economic growth target this year of about 7.5 percent as home prices and construction continue to fall, boosting chances of additional stimulus.