China's trade surplus narrows
Wednesday, October 15, 2003 Posted: 0330 GMT (11:30 AM HKT)
BEIJING, China (Reuters) -- China's exports rose more than 31 percent in September compared with a year earlier, but its trade surplus was the smallest in six months as imports surged to fuel the country's heated industrial sector.
The strong export data came as China tries to deflect criticism from the United States and other countries that it keeps its currency artificially weak to give its products an unfair competitive edge on world markets.
China's exports in September were $41.9 billion, the highest monthly figure all year, according to Commerce Ministry figures released on Wednesday.
Imports soared nearly 40 percent from a year earlier to $41.6 billion, leading to a narrow $290 million surplus, the smallest since March, when China posted a rare deficit of $460 million.
In the January-to-September period, exports rose 32.3 percent over a year earlier to $307.7 billion while imports were up 40.5 percent to $298.56 billion, the ministry said on its Web site at www.mofcom.gov.cn.
The surplus in the first nine months was $9.14 billion. The ministry gave no further details.
Though China runs a large trade surprlus with the U.S., its surplus with other countries -- particularly in Asia -- has all but evaporated as it imports material to fuel production.
President George W. Bush, under pressure from American manufacturers who say China's currency policy is costing U.S. jobs, said on Tuesday he would raise currency issues with Chinese and Japanese leaders during a trip to Asia next week.
China's yuan has been pegged at about 8.28 to one U.S. dollar for nearly a decade, and while its leaders have repeatedly said they are committed to eventual liberalization, they have ruled out any quick moves due to concern that could hit economic growth and job creation.
On Tuesday, China said it would trim tax rebates on exports, a move expected to ease upward pressure on the yuan and soothe concerns by trading partners.
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