Tuesday, June 13, 2006
Wow. The numbers are boggling.
China said Monday that its trade surplus reached a record $13 billion in May, raising the prospect of renewed trade frictions with the United States and Europe.
The huge trade gains are just the latest evidence of China's remarkable economic boom, and the figures could create new pressures on Beijing to allow its currency to appreciate against other world currencies as a way of balancing global trade.
After posting a record $100 billion trade surplus in 2005, much of it with the United States and Europe, China said Monday that its total surplus had already reached nearly $47 billion in the first five months of this year, a period that is traditionally slower for exports than the second half of the year.
The government said that in May, exports rose 25 percent, to $73 billion, while imports rose 22 percent, to $60 billion.
China Posted Trade Surplus of $13 Billion Last Month - New York Times