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China exports rise to $190bn in August
September 8, 2013, 8:47 am

Trade with the European Union, China's largest trade partner, rose 3.2 per cent [Getty Images]

Trade with the European Union, China’s largest trade partner, rose 3.2 per cent [Getty Images]

China’s exports rose 7.2 per cent year on year to $190.73 billion in August, according to customs figures released on Sunday.

The growth rate was 2.1 percentage points higher than July.

Imports also rose in August, gaining 7 per cent to $162.12 billion, the General Administration of Customs said in a statement.

Total foreign trade grew 7.1 per cent in August over the same month of 2012 to $352.85 billion, said the statement.

Trade with ASEAN (Association of Southeast Asian Nations) members increased 13.2 per cent.

Trade with the European Union, China’s largest trade partner, rose 3.2 per cent.

Meanwhile, even as China remained locked in a geopolitical territorial dispute with Japan, trade with the Asian economy shrank 5.7 per cent during the period.

Exports of electronics and machinery products grew by 6.8 per cent to reach $106.54 billion in August, accounting for 55.9 per cent of the total exports.

Chinese President Xi Jinping said last week during a Central Asia visit that the Asian nation has chosen to implement a macro economic policy even at the cost of slowing growth.

“We would rather bring down the growth rate to a certain extent in order to solve the fundamental problems hindering our economic development in the long run. In this sense, such a growth rate is the result of sound adjustment,” said President Jinping.

“The fundamentals of the Chinese economy are sound. In the first half of this year, China’ s GDP grew by 7.6 per cent, which was relatively high compared with other countries,” he said.

 Source: Agencies

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