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Economy in Brief

China's Trade Balance Dips in July but Is Still Third Highest on RecordĀ 
by Louise Curley August 27, 2007

China's trade surplus declined by $2,426 million from June to $23,294 million in July, but it was still the third highest on record. Exports were up by $6,894 million but imports rose by $9,320 million. Data on the trade balance, exports and imports are shown in the first chart.

China's balance of trade with Japan continues to show surplus, while that with Europe and the United States show large deficits. There has been some decline in the deficits with the U.S. and Europe since February of this year, but the declines have been small. The second chart shows the balance of trade with Japan, the U.S. and Europe.

The July data on China's exports to the U. S. are probably too soon to reflect any impact of the spate of recalls and questions about the quality of some of its exports, notably frozen fish, tooth paste, toys and blankets. As the third chart shows, July exports of toys to the U. S. were up and exports of frozen fish were flat.

CHINA  Jul 07 Jun 07  Jul 06  M/M Dif  Y/Y Dif  2006 2005 2004
Exports 107115 100221 79927 6894 27189 968950 761953 593327
Imports 83821 47501 65677 9320 18144 791473 659959 561228
Balance 23294 25720 14250 -2426 9044 177477 101999 32094
Exports to:
  Japan 8946 7992 7331 954 1614 91723 84097 73536
  U.S. 19791 18799 16613 993 3178 203516 162938 124973
  Europe 22152 23321 18042 -1169 4110 215310 165678 122923
Imports from:
  Japan 11373 10730 9673 643 1700 115811 100468 94192
  U.S. 5879 5504 5130 376 749 59223 48735 44653
  Europe 9370 10888 9614 -1518 -244 114877 96403 88731
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