China’s Trade Surplus Soars as Imports Slow

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BEIJING, Aug. 10 – China’s trade surplus soared as imports slowed dramatically in July, China Customs reported today.

Exports rose by 38.1 percent year-on-year in July, reaching US$145.52 billion, down slightly from June’s growth rate of 43.9 percent. Imports increased 22.7 percent year-on-year to US$116.79 billion, down from June’s growth rate of 34.1 percent.

China’s trade surplus reached an 18-month high, surging 170 percent to US$28.7 billion year-on-year said the report posted on the Customs web site.

The figures sent Asian stocks sliding; the S&P Asia 50 fell 1.52 percent as of 3:54 p.m. while the Hang Seng was down 1.43 percent. In China, the Shanghai Composite was down 2.89 percent while the Shenzhen Composite lost 3.27 percent. Japan today cut its economic outlook for China, the nation’s biggest trading partner, for the first time in 18 months.