China reports 2nd largest monthly trade surplus

Thursday, 11 August 2005 13:26:48 (GMT+3)   |  
       

China reports 2nd largest monthly trade surplus

China reported its second-largest trade surplus in July, reflecting a surge in exports that has led the US and Europe to threaten sanctions. China's Customs Bureau figures show that the country's trade surplus widened from $1.97 billion a year ago to $10.4 billion in July. Exports rose 28.7 percent year on year to $65.58 billion last month while imports increased 12.7 percent to $55.18 billion. US officials argue that Beijing's July 21 revaluation of the yuan does not go far enough and that China's exporters therefore continue to benefit from an artificially weak currency. China's trade relations with the US, the European Union (EU), Turkey and Brazil have become strained since Chinese companies are accused of selling some goods below cost. Some specific examples include textiles, steel pipes, air conditioners and DVD discs. Economists expect China's widening trade surplus to continue in the coming months due to the softening imports.

Similar articles

World crude steel output increases sixth month in row in October

20 Nov | Steel News

US wire rod market under pressure as import competition heats up

29 Oct | Longs and Billet

World crude steel output increases slightly in September

23 Oct | Steel News

Prices drop down in Turkish flats import market

19 Oct | Flats and Slab

US billet market declines with scrap

16 Oct | Longs and Billet

Despite October price hike, US rod producers still facing weak market

07 Oct | Longs and Billet

World crude steel output up 2.5 percent in August over July

23 Sep | Steel News

Uncertainty still prevails in international pig iron markets

15 Sep | Scrap & Raw Materials

US billet market stuck between rising scrap prices and weak longs market

04 Sep | Longs and Billet

Global pig iron markets slow down in China’s absence

01 Sep | Scrap & Raw Materials