China’s Global Trade Surplus Up 47% – Don Lee
Despite a series of product recalls that tarnished the “Made in China” label, China’s global trade surplus jumped 47% in 2007 from the previous year to a record $262 billion, the government reported today. But exports grew at a slower pace last month, an indication of weakening demand tied to the teetering U.S. economy.
In December, China’s trade surplus fell to $22.7 billion from $26.2 billion in November. For the last three months, the value of China’s imports has grown faster than the value of exports. Though that was partly the result of higher prices for imports of oil and other commodities, if the trend continues it could curb China’s overall surplus and reduce tension with the U.S. and other trading partners. [Full Text]
See also “Concern about China’s currency grows” from the Foreign Policy blog.
[Image: China has introduced measures to cool exports, from AP.]