China Trade Surplus Breaks Annual Record
Nine months into the year, China's trade surplus has already broken the annual record set last year.
Through September, exports exceeded imports by $110.9 billion, exceeding the all-time high of $102 billion in 2005, government statistics showed Thursday.
China's growing trade gap has been a sore point in relations with its major trading partners, particularly the U.S., and has added pressure on the country to allow the value of its currency, the yuan, to rise. That would make its exports more expensive and imports into China more competitive.
September's trade gap totaled $15.3 billion, down from a monthly record of $18.8 billion in August, the General Administration of Customs reported.
China's exports totaled $91.64 billion in September, up 30.6 percent from the same month a year earlier, while imports rose 22 percent year-on-year to $76.34 billion, it said.
The pace of growth for both exports and imports exceeded forecasts by economists, who said they expected about a 28 percent rise for exports and a 20 percent rise for imports.
Economists attributed the sharp rise in exports and the widening of the surplus in August to exporters trying to increase shipments ahead of a widely anticipated tax rebate cut.
On Sept. 15, Beijing cut rebate rates for the export of some goods, including coal and textiles, while raising the rates for goods in some sectors, such as information technology and biomedicine. A higher rebate rate reduces costs for exporters.
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