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Imports hit record high
By Wang Yanlin |
September 11, 2011, Sunday
|
Print Edition
Print Edition
CHINA'S trade surplus narrowed in August for the first time in six months as imports increased to a record high, exceeding expectations.
Imports expanded 30.2 percent from a year earlier to US$155.6 billion last month, up from July's pace of 22.9 percent. Exports rose 24.5 percent to US$173.3 billion, also stronger than July's 20.4 percent.
The value of imports in August broke the previous record of US$152.2 billion set in March, the General Administration of Customs said yesterday.
Better-than-expected imports helped reduce the trade surplus to US$17.7 billion last month, down from July's US$31.5 billion and June's US$22.3 billion. But it was higher than May's surplus of US$13 billion.
Between January and August, China's trade surplus contracted 10 percent from a year earlier to US$92.7 billion.
"China's trade performance shows resilience amid global economic woes," said Xue Jun, an analyst at CITIC Securities Co. "However, with demand in major trading partners likely to wane, China should prepare for a possible trade slowdown in the near future."
World Bank President Robert Zoellick said in Beijing last week that China should press ahead with reforms to promote domestic consumption and reduce reliance on exports and investment.
Sun Chi, a Nomura Securities economist, said exports may weaken in the coming months because the index of new export orders showed contraction in August, indicating slower exports in the months to come.
The declining trade surplus in August helped reduce pressure over a stronger yuan, some analysts said. Zhou Xiaochuan, governor of the central bank, denied media reports of full yuan convertibility before 2015.
Weaker trade with countries hit by government debt crises still prevailed. Bilateral trade between China and the United States expanded 17.8 percent year on year between January and August, moderating further from the pace of 18.5 percent in the first seven months and much slower than China's overall trade growth of 25.4 percent in the year to August.
Deals with Europe grew 21.8 percent to US$372.1 billion during the period and remained China's largest trading partner.
Imports expanded 30.2 percent from a year earlier to US$155.6 billion last month, up from July's pace of 22.9 percent. Exports rose 24.5 percent to US$173.3 billion, also stronger than July's 20.4 percent.
The value of imports in August broke the previous record of US$152.2 billion set in March, the General Administration of Customs said yesterday.
Better-than-expected imports helped reduce the trade surplus to US$17.7 billion last month, down from July's US$31.5 billion and June's US$22.3 billion. But it was higher than May's surplus of US$13 billion.
Between January and August, China's trade surplus contracted 10 percent from a year earlier to US$92.7 billion.
"China's trade performance shows resilience amid global economic woes," said Xue Jun, an analyst at CITIC Securities Co. "However, with demand in major trading partners likely to wane, China should prepare for a possible trade slowdown in the near future."
World Bank President Robert Zoellick said in Beijing last week that China should press ahead with reforms to promote domestic consumption and reduce reliance on exports and investment.
Sun Chi, a Nomura Securities economist, said exports may weaken in the coming months because the index of new export orders showed contraction in August, indicating slower exports in the months to come.
The declining trade surplus in August helped reduce pressure over a stronger yuan, some analysts said. Zhou Xiaochuan, governor of the central bank, denied media reports of full yuan convertibility before 2015.
Weaker trade with countries hit by government debt crises still prevailed. Bilateral trade between China and the United States expanded 17.8 percent year on year between January and August, moderating further from the pace of 18.5 percent in the first seven months and much slower than China's overall trade growth of 25.4 percent in the year to August.
Deals with Europe grew 21.8 percent to US$372.1 billion during the period and remained China's largest trading partner.
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