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$90 billion trade surplus in 2005: Govt
www.chinanews.cn 2005-10-29 17:10:44
(Source: CRIENGLISH.com/Bloomberg)
Oct. 29 - China's trade surplus will probably widen to $90 billion this
year from $32 billion in 2004 because of surging exports from the world's
biggest maker of mobile phones, clothes and steel, the Ministry of
Commerce said.
Exports are likely to rise 20 percent this year to $745 billion,
outpacing an expected 18 percent gain in imports to $655 billion,
according to a research report commissioned by the ministry.
China's trade surplus for the first nine months of the year was $68.33
billion, compared with $3.99 billion in the same period last year.
Exports in the first nine months rose 31.3 percent to $546.42 billion.
Imports grew 16 percent to $478.09 billion, the customs bureau said
earlier this month.
China's swelling trade surplus has led to trade tensions as countries
around the world impose quotas and tariffs on Chinese- made goods now
flooding their markets.
Lawmakers, manufacturers and officials in the U.S., which buys more
Chinese-made goods than any other country, say China's currency policies
contribute to the record U.S. trade deficit by holding down the exchange
rate, making it cheaper for Americans to import Chinese goods than to buy
from factories at home.
China on July 21 allowed its currency to appreciate for the first time in
a decade, revaluing the yuan by 2.1 percent against the dollar and
replacing the pegged exchange rate with a link to a basket of currencies.
Since the revaluation, the yuan has gained less than 0.3 percent against
the dollar.
For 2006, total trade volume may increase about 15 percent to $1.61
trillion, from an expected $1.4 trillion in 2005. The nation's economic
growth may slow to about 8 percent next year after expanding at more than
9 percent for two straight years, the report said.
��China trade surplus hit 50b USD by July
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