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Mar1.13 - China's February trade surplus soared nearly tenfold compared to the same month last year, hitting 23.76 billion U.S. dollars, the General Administration of Customs said on Monday.
While exports in February were 51.7 percent higher than exports in January, imports rose only 13.1 percent, less than half the previous month's growth rate. Exports hit 82.1 billion U.S. dollars in February, while imports were valued at 58.34 billion U.S. dollars for the month. The country's total trade volume in February reached 140.44 billion U.S. dollars, up 32.9 percent from a year earlier, according to latest figures from the administration. The trade surplus for February was nearly 50-percent higher than it was in January, when it had reach 15.88 billion U.S. dollars, which was off more than 20 percent from last December. The country's trade surplus in February 2006 was only 2.45 billion U.S. dollars. A higher valued yuan has meant increased revenues for exporters, while imported primary products, which were less costly2, led to a slower rise in the value of imports, said Mei Xinyu, a research fellow with the International Trade and Economic Cooperation Research Institute under the Ministry3 of Commerce. The value of the Chinese currency against the U.S. dollar hit anew high last Thursday with the central parity4 rate reaching 7.7386 yuan to the dollar. As of Monday the yuan had gained 613 basis points since the beginning of 2007. On Dec. 29, 2006 is closed at 7.8087 yuan against the dollar. Monday's Shanghai Securities Journal quoted Minister of Commerce Bo Xilai as saying the country would take further steps to rein5 in China's surging trade surplus this year. The publication didn't say what steps might be taken. It will take time for China to gradually address its trade imbalance on the international market, said Chinese top banker Zhou Xiaochuan, governor of the central bank, at a press conference on Monday. Last year, China's trade surplus jumped 74 percent year on year to reach 177.47 billion U.S. dollars. The country's top trading partner, the European Union, saw its trade with China reach 51.08 billion U.S. dollars in the first two months of 2007, up 42.7 percent from the same period of last year, the customs data show. The United States was second with trade volume reaching 43.86 billion U.S. dollars, followed by Japan and the Association of Southeast Asian Nations. Guangdong Province, southern China's economic powerhouse, reported foreign trade volume of 83.55 billion U.S. dollars in January and February, accounting6 for 28.1 percent of the nation's trade volume, the highest of any provinces.
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