Trade Surplus: Up 56 Percent in September.
Bloomberg reports on the latest for China’s trade surplus:
“China’s trade surplus jumped 56 percent in September to $23.9 billion, adding pressure on the central bank to increase borrowing costs and let the yuan strengthen faster to prevent the economy overheating.
The gap widened from $15.3 billion a year earlier, the customs bureau said on its Web site today, after gaining 33 percent in August. That exceeded the $21.6 billion median estimate of 20 economists surveyed by Bloomberg News.
Export earnings helped push China’s foreign-exchange reserves to a record $1.43 trillion at the end of September, a separate report showed. Chinese stocks dropped on speculation the central bank is poised to raise rates for a sixth time this year as cash from overseas sales fuels inflation running at a 10-year high.
…The yuan has gained about 10 percent versus the dollar since the end of a fixed exchange rate in July 2005. The currency traded at 7.5080 at 3 p.m. in Shanghai after closing yesterday at 7.5057.
…The trade surplus for the first nine months jumped 69 percent to $185.65 billion, topping the $177.5 billion record for all of last year.
…Exports rose 22.8 percent in September from a year earlier to $112.48 billion and imports had the smallest gain in three months, climbing 16.1 percent to $88.57 billion.
…Exports to the U.S. rose 15.8 percent in the first nine months from a year earlier and those to Europe jumped 30.8 percent. Shipments to India soared 67.5 percent, the customs bureau said. “
Will all the balancing policies start to have an impact any time soon? In the US and Europe there must be that hope – but perhaps not much expectation. Protectionism remains a risk worth watching.
See news source:
China Trade Surplus Jumps 56 Percent to $23.9 Billion (Update4)
Bloomberg – USA
By Nipa Piboontanasawat Oct. 12 (Bloomberg) — China’s trade surplus jumped 56 percent in September to $23.9 billion, adding pressure on the central bank to …
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