China's Trade Surplus Widens in August

China's exports grew less than expected in August, while imports declined unexpectedly indicating weak private consumption in the economy, the latest figures from the General Administration of Customs showed.

Exports rose 2.7 percent year-on-year in August to $177.97 billion, slightly weaker than expected. However, the rate of growth improved from 1 percent recorded in July.

Meanwhile, imports fell 2.6 percent year-on-year to $151.79 billion against anticipations on the contrary. The outcome was in contrast to July's 4.7 percent growth.

The trade balance showed a surplus of $26.66 billion compared to expectations for a surplus of $19.5 billion. In July, the trade surplus was $25.1 billion.

China's trade with the European Union, its largest trade partner, dropped 1.9 percent year on year in the January-August period to $365.05 billion, figures show.

During the period, trade with Japan dipped 1.4 percent from a year earlier to $218.7 billion.

Meanwhile, trade with the United States, the country's second-largest trade partner, climbed 9.6 percent year on year to $312.97 billion in the first eight months, according to the GAC.

Chinese President Hu Jintao said that the economy is facing notable downward pressure largely due to slowing export growth.

China, National Bureau of Statistics of China
9/10/2012 1:39:24 PM