Thaindian News

Beijing, Sep 10 (IANS) China’s exports surged by 24.5 percent year-on-year in August to reach $173.31 billion, officials said Saturday.

Imports expanded by 30.2 percent to $155.56 billion, a record high since March this year, according to figures released by the General Administration of Customs Saturday.

Trade surplus for the month stood at $17.75 billion, down from July’s $31.48 billion, Xinhua reported.

Exports and imports in the first eight months amounted to $2.35 trillion, representing a 25.4-percent increase year-on-year.

From January to August, exports totalled $1.22 trillion, up 23.6 percent; imports totalled $1.13 trillion, up 27.5 percent.

Trade surplus during the period shrank to $92.73 billion, down 10 percent compared to a year ago.

In the first eight months, trade between China and the European Union (EU) rose by 21.8 percent to $372.14 billion. The EU remained China’s largest trading partner.

Trade between China and the US came in second at $285.65 billion, up 17.8 percent.

The Association of Southeast Asian Nations (ASEAN) block was China’s third largest trading partner with bilateral trade totalling $234.61 billion, up 26.6 percent.

China recorded a trade deficit of $15.67 billion with the ASEAN during the period, up 69.6 percent.

Bilateral trade between China and Japan grew at a slower pace of 18.8 percent and reached $221.98 billion during the period. China also saw a trade deficit of $33.72 billion with Japan, down seven percent year-on-year.

China’s exports of traditional commodities increased steadily while exports of machinery and textiles remained stable. Machine equipment exports totalled $227.63 billion in the first eight months, up 16.5 percent; garment exports totalled $100.2 billion, up 24.8 percent.

Chinese economist Cui Li with the Royal Bank of Scotland said China’s exports competitiveness remained undiminished despite fast-rising labour costs, because products are improving and production efficiency is strengthening.

Although exports grew faster in August than in the previous two months, experts were concerned that the pace may slow due to sluggish economies and worsening debt crises in the world’s major economies.

The data from the customs authority also showed that the nation imported a total of 450 million tonnes of iron ore in the first eight months, up 10.6 percent. The import price averaged $164.4 per tonne, up 37.4 percent year-on-year.

China also imported 104 million tonnes of coal during the period. While the import volume was down 1.4 percent, the import price jumped 11.9 percent, averaging $111.5 per tonne. The price of imported soybeans also surged 31.2 percent.