Recent statistics by General Administration of Customs show that China's trade surplus marked US $24.357 billion in July 2007 —down from $26.91 billion in June — becoming the second-highest monthly surplus.
In the first half of 2007, exporters rushed to complete orders before the implementation of export tax rebate. This may have added to the trade surplus percentage.
The State Development and Reform Commission report said that China is expected to reach $250 to $300 billion by the end of this year.
It is noteworthy that China, which had a strong export base in the US, is now shifting focus to the EU. Data show that Sino-EU trade volume totaled $190.08 billion, an increase of 28.5 percent on year, 11 and 13.3 percentage points higher than growth rate of Sino-US and Sino-Japan respectively.
Country's exports to the US in July 2007 rose by 18 percent over the same period last year, representing an income of $20.42 billion. EU's income reached $21.96 billion, showing a strong growth of 31.9 percent over the corresponding time last year.
Fibre2fashion News Desk - China
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