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China's monthly trade surplus hits new high in June |
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11:21, July 10, 2007 |
China''s trade surplus in June hit a new high of 26.91 billion U.S. dollars, up 85.5 percent on the same month last year, the General Administration of Customs said on Tuesday.
The aggregate surplus for the first half of the year jumped 83 percent to 112.5 billion U.S. dollars, it said.
Imports rose 14.2 percent to 76.36 billion U.S. dollars in June but exports grew 27.1 percent to 103.27 billion U.S. dollars. The growth rate in June''s exports was 1.6 percent lower than that in May.
China''s foreign trade volume for the first half totaled 980.93 billion U.S. dollars, up 23.3 percent.
The administration predicted that the figure would grow by 20 percent to two trillion U.S. dollars this year, with the country''s trade surplus reaching 200 billion U.S. dollars.
Huang Guohua, senior analyst with the administration, said China''s trade surplus rose to a new high in June because domestic companies, whose export tax rebates were cut on July 1, were rushing exports out its doors.
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".
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