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China Trade Surplus Soars To 18-Month High

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factory_2 August 10, 2010 (Chinavestor) China's trade surplus moved to an 18-month high in July helped by lower imports and a record level of exports. The country's customs bureau said the surplus increased 170% from a year earlier to $28.7 billion, trumping the estimates of all economists that were surveyed prior to the release of the data.

Exports increased 38.1% to $145.5 billion and imports advanced 22.7% to $116.8 billion, according to Bloomberg News. The wider trade surplus may increase the pressure on Beijing to let the Yuan appreciate faster. China has only allowed the Yuan to appreciate 1% against the U.S. Dollar since ending a two-year peg to the greenback earlier this year.

Analysts said upward pressure remains on the Chinese currency. The trade surplus is the largest since January 2009 easily beat the $20 billion surplus seen in June. Growth in overseas sales from China, which overtook Germany last year as the world’s biggest exporter, moderated from 43.9% in June, Bloomberg reported.

 



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