China's trade surplus shrinks 14% in August

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China's exports in yuan-denominated terms rose by 6.9 percent year-on-year in August while imports increased by 14 percent, customs data showed Friday.

That led to a monthly trade surplus of 286.5 billion yuan (about 44 billion US dollars), down 14 percent year-on-year, according to the General Administration of Customs.

Total foreign trade reached 2.41 trillion yuan last month, up 10 percent from a year earlier.

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In the first eight months combined, exports increased by 13 percent year-on-year while imports rose 22.5 percent, resulting in a 15-percent decline in trade surplus.

Foreign trade in the first eight months totaled 17.83 trillion yuan, up 17 percent year-on-year.

During this period, trade with the EU, China's largest trade partner, climbed 16 percent from a year earlier to 2.71 trillion yuan.

Meanwhile, trade with the US, ASEAN, and Japan went up by 19 percent, 19.9 percent, and 15.4 percent, respectively.

Exports of machinery, electronics and labor-intensive products continued to expand in the first eight months, while the volume of steel exports dropped by 28.5 percent year-on-year to 54.47 million tonnes.

A leading indicator of China's exports stayed flat month on month at 41.9 in August, signaling stable export potential.

Source(s): Xinhua News Agency