China's August trade surplus narrowed or due to policy adjustments

Tax rebate "Rob Export" effect pull down the volume of August, plan merge all high energy consumption industry has increased imports of "Caixin net" (reporter Yu Hailong) in August, China's exports to slow down, imports unexpectedly accelerated, resulting in the month surplus scale significantly narrowed.　　Still, it has reached $20.03 billion trillion, the second highest this year. Data from the general Administration of Customs September 10 showed that China's import and export value of August 258.57 billion U.S. dollars, an increase of 34.7%.　　Among them, exports of 139.3 billion U.S. dollars, an increase of 34.4%, slower than July 3.7%, import 119.27 billion U.S. dollars, increase 35.2%, faster than July 12.5%.　　After the seasonally adjusted, August exports and imports year-on-year growth of 32.9% and 30.2%, chain exports fell 1.4%, import growth of 3.1%. Export performance is basically in line with market expectations, while import acceleration exceeds market expectations.　　Caixin media in early September to a number of financial institutions research departments issued questionnaires, reply to the questionnaire of 19 economists on the export growth rate of the average value of 34.6%, the average value of imports is 26.5%, below the actual value of 8.7%.　　Liu Ligang, director of ANZ's China Economic Research, said China's exports slowed partly because domestic companies were exporting ahead of the July 15 export rebate policy, leading to a certain decline in the number of ports in August. From the commodity category, the Export tax rebate adjustment of steel exports in August from June, July, more than 4 billion U.S. dollars above the high, back to 2.725 billion U.S. dollars, the year-on-year growth rate of 64%, compared to the previous two months fell more than 80%.　　The export growth rate of electromechanical products fell by 3.3% compared with July, while the export growth of labor-intensive products such as bags, garments, footwear and toys rose steadily.　　From the country's perspective, exports to the United States continue to remain stable, but the EU export growth rate since June for three consecutive months, the ASEAN, Russia, Brazil and other emerging markets have also seen a large decline in growth, respectively, down 10, 34 and 22.5%.　　Wang Zixian, deputy director of the Department of Policy Research at the Ministry of Commerce, said that since September, China's exports have been more likely to fall, but to maintain a growth rate of around 10%, given the lower demand in the US and Europe, the closing of inventories, the slowing demand in emerging markets, the tightening of liquidity and increased financing　　In an unexpected acceleration of import growth, JPMorgan's China chief economist, Wang Yu, said import acceleration was not a strong trend given the two consecutive months of decline in import growth.　　Liu Ligang that the increase in imports is partly related to the government's policy of vigorously plan merge all high energy-consuming industries in the two quarter.　　Data from the general administration of Customs showed that imports of copper, scrap aluminum, raw copper and copper, crude oil and other commodities were growing at a year-on-year rate of 20% higher than in July. Affected by the acceleration of import growth, the month of August trade surplus of 20.03 billion U.S. dollars, less than July 30.4%, but still the second highest value of the year. From January to August, the trade surplus was 10$3.9 billion trillion, down 14.6% per cent year-on-year, has surpassed the Commerce Ministry's goal of 100 billion dollars a year. As domestic raw materials are Wang Zixian, imports are likely to rebound in the coming months, while export growth is likely to fall markedly and the monthly surplus will fall again, with a full-year trade surplus of around $150 billion trillion, a significant drop from $196.07 billion trillion in 2009.