10 Sep '11, 5am

China's August trade surplus tumbles to US$17.8b

China's August trade surplus tumbles to US$17.8b

BEIJING: China's trade surplus contracted sharply to $17.8 billion in August, down from $31.5 billion in July, as imports rose to a new record high, according to official data released Saturday. The trade surplus is a perennial point of contention for China's key trade partners, the United States and Europe, who seek better market access to the world's second-biggest economy. China's August exports rose 24.5 per cent year-on-year to $173.3 billion, the customs agency said in a statement. But imports jumped 30.2 per cent to $155.5 billion in August, breaking the previously monthly record of $152.2 billion set in March. "One month reduction in trade surplus does not equate to a sustained reduction in the trade surplus," Alistair Thornton, an analyst at IHS Global Insight, told AFP. "The export growth shows that there is a huge amount of resilience and momentum still in the C...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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