Iowa Public Television


China Trade Balance Swings to Surplus

posted on September 17, 2004

China's trade surplus in August hit a record for the year, despite soaring imports of key commodities such as oil, machinery, and electronics, state media reported this week.

The $4.49 billion surplus was expected to swing China's trade balance into the black for the year, the state-run newspaper China Daily reported, citing the General Administration of Customs.

China's trade balance slipped into deficit toward the end of last year as imports of raw materials and industrial components skyrocketed. However, surging exports have reversed that trend in recent months.

The report said imports of soybeans and steel declined, while imports of machinery and general electronics jumped 36 percent.

Tags: China crops markets news trade