China's trade surplus in June soared to US$26.91 billion, a new
high standing 85.5 percent up year-on-year, the General
Administration of Customs said on Tuesday.
This put the aggregate surplus for the first half of the year at
an 83 percent jump to US$112.5 billion, it said.
Imports rose 14.2 percent in June to US$76.36 billion with
exports rising 27.1 percent to US$103.27 billion.
China's foreign trade volume for the first half year totaled
US$980.93 billion, up 23.3 percent.
The administration also predicted that the figure would see a 20
percent rise to two trillion US dollars this year, with the
country's trade surplus reaching US$200 billion.
Huang Guohua, senior analyst at the administration, said China's
trade surplus set a new record in June since domestic companies
were rushing exports ahead of the export tax rebates which were
slashed from July 1 onwards.
The Chinese government announced on June 19 it would cut or
eliminate export tax rebates for 2,831 commodities from July 1 in
an attempt to "suppress overheated export growth and ease frictions
between China and its trade partners".
To narrow its yawning trade surplus, the Chinese government has
been encouraging companies to curb exports of products that consume
vast amounts of energy and cause serious pollution during their
production processes, and expand imports of high-tech goods.
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In the first six months, the European Union remained China's top
trading partner, with bilateral trade volume reaching US$158.4
billion, up 27 percent over the same period of last year. The
United States was second with a trade volume of US$140.55
billion.
(Xinhua News Agency July 10, 2007)
