Posted on 01/10/2007 3:56:08 PM PST by chemical_boy
AP - China's 2006 global trade surplus jumped nearly 75 per cent from the previous year to a record $US177.5 billion ($A227.7 billion), a state news agency said on Wednesday in a report that could fuel US complaints about market barriers and currency policy.
China's trade gap has soared as it became the world's low-cost manufacturing centre, churning out furniture, toys, shoes and other goods, often for sale under foreign brand names.
The jump in the trade gap came despite a small but steady rise in China's currency, the yuan, over the past 18 months. Washington is pushing for a faster appreciation in the hope that it will ease the US trade deficit with China by making American goods more attractive to Chinese consumers.
China's exports in 2006 rose 27.2 per cent from the previous year to $US969 billion ($A1.24 trillion), while imports were up 20 per cent to $US791.5 billion ($A1.02 trillion), the Xinhua News Agency said, citing the General Administration of Customs.
The country's global trade surplus for 2005 was $US102 billion ($A130.83 billion).
Xinhua gave no country-by-country breakdown, but the US trade gap with China was expected to pass 2005's record $US202 billion ($A259.1 billion). China's global surplus is smaller than that with the United States because it runs a deficit with other countries.
(Excerpt) Read more at news.ninemsn.com.au ...
Boy, are those Chinese stupid. Everybody knows that trade deficits and job outsourcing are keys to a prosperous nation.
"China's 2006 trade surplus jumps 75%"
Of course it does.
And lots of Americans think that's just great.
Of course, you can't buy anything at WalMart if you don't have a JOB, but hey! That's globalization for ya!
Well...well...
You doubt the figures?
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