"Chinese trade balance rose 8 per cent in August from 2012, up to $28.5bn from $17.8bn in July. The improvement was due to higher than expected exports, as demand picked up in Asia and parts of the developed world.
But trade data can be very volatile. Looking at a rolling 12 months, the growth in trade surplus is slowing. And although you would expect China to run a trade surplus with most, if not all, trading partners – China is the world’s biggest exporter, after all – there are some strange statistical puzzles in the data. Chart of the week takes a closer look.
China’s notoriously large goods trade surplus with the US has expanded over the last 5 years. Its trade surplus with the EU is also large, but it has been steadily declining from a peak of $149bn in the 12-months to August 2011 to $117bn in the 12-months to August this year, the lowest value since May 2010. Other major contributors to China’s trade surplus are the UK, Mexico, Vietnam and Turkey. China improved its strong trade position with all of those counties over the last 5 years.
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