Trade surplus down 20% in June
11 July 2008
China's trade surplus fell 20% year-on-year in June to US$21.3 billion because of a drop in export growth, AP reported. Exports were worth US$121.5 billion, 18.2% more than a year earlier but the growth rate was nearly 10 percentage points down on May's figure. Imports totaled US$100.1 billion, up 23.7% from a year earlier. China's trade surplus with the US in June totaled US$14.7 billion, 5% higher than a year ago. The country's surplus with the EU, its biggest export market, was worth US$13.2 billion, up 21.2% from a year earlier. Chinese exports are thought to be slowing because of reduced global growth and a possible US recession, while imports are rising on the back of stronger spending by domestic consumers. June's trade surplus was the biggest since December, which totaled US$22.7 billion.