China''s trade surplus rose to a record $26.9 billion in June as exporters rushed
shipments ahead of planned cuts in tax rebates by the government.
surged to a record $103.27 billion, or more than the annual economic output of
New Zealand. Imports rose to $76.4 billion.
surplus for the first six months was $112.5 billion, up 84 per cent from a year
earlier. Last year''s $177.5 billion trade gap was a record.
data showed annual growth in exports actually slowed in June to 27.1 per cent,
compared with 28.7 per cent in May. However, import growth slowed more sharply,
to 14.2 per cent, from May''s 19.1 per cent.
trade surplus, which surpassed economists'' expectations of a $24.0 billion, was
much higher than the previous monthly record of $23.8 billion, set last October.
United States, one of the harshest critics of Beijing''s monetary policy, accounted
for about two thirds of the trade balance, with China''s surplus with it reaching
$73.9 billion in the first half.
record may heighten tensions with the US over claims that China uses an undervalued
yuan to boost exports and sells unsafe goods such as tainted toothpaste and lead-painted
last month introduced legislation that would allow new duties on exports from
countries that use their currencies to put American companies at a disadvantage.
Meanwhile, the yuan closed at 7.5810 against the dollar, its strongest level
since it was revalued by 2.1 per cent and decoupled from a dollar peg in July
2005. The currency gained 0.27 per cent on the day, its biggest daily rise so
far this year.
has now risen by nearly 7 per cent against the dollar since the revaluation.
there is still mounting pressure, particularly from Washington, for Beijing to
do more to let the yuan appreciate further in order to end what many critics say
is an unfair trade advantage.
meanwhile, said the slowdown in both export and import growth in June could
herald weaker economic growth in the second half.
one, the slower import growth could be in part the result of weakened demand for
capital goods, in response to tightening measures in recent months that have included
tougher environmental requirements for investment projects, they said.