12 August 2008

China’s Trade Surplus Reaches Highest Level in 8 Months

This article is excerpted from the 12 August 2008 edition of “The New York Times”.

China’s trade surplus swelled in July to its highest level in eight months as its trade gaps with the United States and Europe grew despite concern about weaker global demand….

Export growth rebounded in July, the customs agency said, after a June slowdown caused Beijing to bolster tax rebates for struggling textile exporters.

China’s global trade surplus in July was $25.3 billion, the agency said, up 4 percent from the same month in 2007.

Exports in July rose 26.9 percent to $136.7 billion, the data showed. Export growth in June was 18.2 percent. Imports in July also grew strongly, rising by 33 percent to $111.4 billion….