China-U.S. trade gap largest ever

Defying bad press about poor-quality products, China’s trade surplus hit a record of $26.9 billion in June, published reports said.
The month’s surplus levels beat the last monthly record of $23.8 billion, which was set last October, Bloomberg said.
Exports gained 27.1%, hitting $103.3 billion, while imports rose 14.2% to $76.4 billion, according to the Chinese customs bureau.
China closed out the first half of the year with a trade surplus of $112.5 billion, an 84% increase from the same period last year.
Of that total, the U.S. accounted for $73.9 billion.
The record surplus is likely to fuel arguments that China’s monetary policy provides it with an unfair trade advantage, Reuters reported.
Congress has been pushing the Chinese to allow the yuan to appreciate against the dollar, accusing the country of keeping the currency at low valuation so as to gain a trade advantage.

Related Topics: China