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Chinese Trade: An Update
Menzie Chinn (October 1st, 2008) Writes:
I was surprised by this item from the BBC:
Chinese trade surplus at new high
Wednesday, 10 September 2008
China's trade surplus hit a monthly record of $28.7bn (£16.28bn) in August as the gap with the US and Europe widened, despite weaker world demand.
China's global trade gap for the month was 14.9% wider than the same month in 2007, official state data showed.
Exports rose 21.1% to $134.9bn, while imports were up 23.1% to $106.18bn in August, the customs agency said.
Meanwhile other official figures showed consumer inflation hit a 14-month low of 4.9% in August, from 6.3% in July.
...
Exchange rate issues
August's trade gap trumped the last record high of $27bn in October 2007.
China's trade surplus with the US rose 16.6% to $17.5bn during the month, and the gap with the 27-member European Union, China's biggest trading partner, increased by 25% to $16bn.
The data is likely to add fresh
...Arthur Kroeber, BBC, Brad Setser, China, customs agency, Economics, Europe, European Union, Exports, Gbp, Michael Pettis, olympics, shanghai, Standard Chartered, Stephen Green, United States, USD
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