China’s trade surplus skyrockets in May
China's trade surplus increased to $22.45 billion in last month, marking a 73% increase over the same period last year.
China’s trade surplus increased to $22.45 billion in last month, marking a 73% increase over the same period last year.
The figure was close to February’s all-time high of $23.7 billion, according to China’s Xinhua News Agency, citing the Chinese customs agency..
Exports increased 28.7% to $94 billion, while imports rose 19.1% to $71.6 billion.
The figures, which were released one day before China is set to meet with the European Union to discuss trade tensions, were 33% higher than the $16.9 billion surplus that was recorded in April.
China has recently promised to narrow its trade gap under pressure from the U.S. and other governments.
U.S. Secretary of the Treasury Henry Paulson has also demanded that China raise the value of its currency, the yuan, which has been said to be undervalued, giving Chinese exporters an unfair trading advantage.
Meanwhile, the U.S. trade deficit decreased by $3.9 billion, or 6.2%, in April to $58.5 billion, the Department of Commerce reported last week.
However, the U.S. trade deficit with China increased to $19.4 billion compared with $17.1 billion in the same month last year (InvestmentNews, June 8) .
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