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China's trade surplus to narrow in August

(Xinhua)

08:54, August 13, 2012

BEIJING, Aug. 12 (Xinhua) -- China's trade surplus will continue to narrow in August, as export growth is likely to stay low, according to a report issued by the Financial Research Center of Bank of Communications.

"Given the grim prospects for global economic recovery, the country's exports in August will fall from one month earlier, and year-on-year export growth will remain low," the report said.

The research center is not optimistic about the global economy, as the U.S. economy has been struggling to gain traction and Europe is slipping toward a recession.

The U.S. economy grew at a tepid rate of 1.5 percent from April to June, down from 2.4 percent in the first quarter, adding to worries that the world's largest economy could be stalling three years after the recession ended.

Japan's economy may expand at a slower pace as its post-quake construction projects wind down, while emerging countries will continue to face great pressure to keep growth on track, according to the report.

However, the center ruled out the possibility of a sharp drop in exports, despite dim prospects in the external environment.

"China is likely to run a surplus of around 150 billion U.S. dollars this year," the report said.

Chinese export growth rose one percent year on year in July, a six-month low and down from the 11.3-percent growth seen in June. The trade surplus narrowed 16.8 percent year on year to 25.15 billion U.S. dollars, according to official data.

The nation's exports to the European Union, its largest trading partner, slumped 16.2 percent year on year in July.

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