Others News
- Monthly trade surplus down 10 percent
Date: 13-Aug-2007 Sources: (Xinhua Online)
CHINA'S monthly trade surplus in July dropped US$2.55 billion, or 10.4 percent, from June to US$24.35 billion, the General Administration of Customs said Friday.
The figure was the second highest monthly level on record.
The country's trade surplus totaled US$136.81 billion in the first seven months, the administration said.
July's imports and exports both hit monthly records: Imports rose 26.9 percent on July last year to US$83.39 billion while exports were up 34.2 percent to US$107.74 billion.
Imports rose US$7.03 billion from June while exports were up US$4.47 billion.
China's foreign trade for the first seven months totaled US$1.17 trillion, up 24.4 percent from the same period last year.
July's figure met analysts' expectations that the surplus growth would slow this month after domestic companies rushed to export as much as possible to avoid the cut or elimination of export tax rebates meant to suppress overheated export growth.
A report published Wednesday by People's Bank of China predicted that the country's trade surplus would remain high while the growth is expected to slow.
Global demand remained strong as the world economy may grow by 4 percent year on year. Meanwhile, accelerating investment in China would take effect in increased export capacity. Moreover, labor, energy and resources costs were still low, making made-in-China products more competitive, the report said.
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