Yuan a factor, but foreign firms driving surplus, says commerce minister; bank chief doesn't see quick fix for imbalance
China's trade surplus rose almost tenfold to US$23.76 billion last month, its second-largest on record, as Beijing promised to take measures to reduce trade imbalances with the outside world.
The blowout in the surplus, from US$2.5 billion a year earlier, is certain to provide fresh ammunition to critics among the mainland's trade partners, particularly the United States, which have accused Beijing of keeping its currency artificially low to give its exporters an unfair advantage.
February's trade volume grew 32.9 per cent year on year to US$140.4 billion. Exports jumped 51.7 per cent to US$82.1 billion, while imports grew 13.1 per cent to US$58.3 billion. That took the trade surplus for the first two months of the year to US$39.6 billion, from US$12 billion a year ago, a year-on-year rise of 233 per cent.
Shortly before the figures were posted on the General Administration of Customs website, Commerce Minister Bo Xilai defended Beijing's trade policies.
'In the Sino-US trade relationship, China gets trade surplus, the United States gains profits,' Mr Bo said, adding the trade surplus was still in the normal range.