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China's Trade Surplus Hits $27B

Posted Nov 12, 07 9:40 AM CST in Business,  World 

(Newser) – China's trade surplus rose to a record $27.05 billion last month, up 13.5% over last year despite a 25.5% balloon in imports, Bloomberg reports. The number lagged forecasts, raising the possibility that new trade policies are gaining traction, Reuters reports. US and EU officials will travel to China within weeks to push for faster appreciation of what they call an undervalued yuan.

China’s European exports have increased twice as quickly as those to the US this year. Its trade surplus with the US is $15.4 billion, compared with Europe's $13.9 billion. Treasury Secretary Hank Paulson "will continue to face pressure from the US Congress to persuade China to allow a freer exchange rate," says one economist.

Sources Bloomberg, Reuters

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Shipping containers are stacked on a wharf in Bayonne, N.J. on Wednesday, Aug. 29, 2007. (AP Photo/Mark Lennihan)   (Associated Press)
A Chinese worker walks past cargo waiting to be loaded onto trains at a train station in Beijing, China, in this Jan. 14, 2005, file photo. China's trade surplus rose 13.5 percent in October from the...   (Associated Press)
Shipping containers are stacked on a cargo ship as it makes its way to the Port of Newark on Wednesday, Aug. 29, 2007 in New Jersey. (AP Photo/Mark Lennihan)   (Associated Press)
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China  • Henry Paulson  • US-China trade deficit  • trade surplus


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