China record surplus of about US 29 billion

Despite all the gloom and doom, China surplus swells to 29 billion. Export is still humming but many will be cautious.

BEIJING - China posted a record trade surplus of about US$28.7 billion in August, according to calculations based on partial figures issued by the customs administration on Wednesday.


Economists had expected a US$23.5 billion surplus.

Customs said exports in August were US$134.87 billion, up 21.1 per cent from a year earlier. Imports were US$106.18 billion, up 23.1 per cent from a year earlier.

The surplus for the first eight months was US$151.99 billion.

China had a trade surplus of US$25.28 billion in July and US$25 billion in August 2007.

August's reading took the rolling 12-month trade surplus to about US$253.6 billion, compared with US$249.7 billion in July.

The European Union remained China's largest trading partner with two-way trade up 26.9 per cent in the first eight months.

Trade with the United States, China's No 2 trade partner, was up 13.3 per cent in the first eight months, customs said. -- REUTERS