China trade surplus jumps 15 pct in August
10/9/2008 17:20
China's trade surplus in August rose 14.9 percent from a year earlier, as
imports growth decelerated sharply on lower commodities prices.
The surplus
last month was US$28.69 billion, posting gains for the second month in a row.
The figure was US$25.28 billion in July and 24.97 billion US dolars last
August.
Exports in August jumped 21.1 percent to US$134.87 billion, compared
with 26.9 percent in July. Imports climbed 23.1 to US$106.18 billion, down from
33.7 percent in July, the General Administration of Customs said
today.
"Exports growth decelerated, but imports posted much bigger slow-down
as commodities prices and shipping rates slumped," an official with the Ministry
of Commerce told Xinhua on the condition of anonymity. "This is the main reason
why the surplus jumped."
The slower advance in the Chinese currency against
the US dollar also contributed to the surge.
"The yuan remained almost steady
against the US dollar since July. This can help exports while giving no further
incentives to imports."
The trade gap narrowed 6.2 percent annually to
US$151.99 billion in the first eight months of the year.
Exports increased
22.4 percent to US$937.69 billion during the Jan.-Aug. period and imports were
up 30 percent to US$785.69 billion.
Xinhua
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