China's current account surplus decreases

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Last updated at: (Beijing Time) Friday, October 17, 2003

China's current account surplus decreases

China's current account surplus in international payments dropped 18 percent to 11.1 billion US dollars in the first half of 2003, the State Administration of Foreign Exchange (SAFE) said Friday.

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China's current account surplus in international payments dropped 18 percent to 11.1 billion US dollars in the first half of 2003, the State Administration of Foreign Exchange (SAFE) said Friday.

The SAFE attributed the decrease to the shrinking goods trade surplus and deficit increase in services. During the first six months of 2003, China's foreign goods trade surplus totaled 13.5 billion US dollars, down 35 percent on a year-on-year basis. This was the main factor causing the account surplus decrease.

During the same period, the account deficit in services rose 43 percent to 6.2 billion US dollars, SAFE figures show. Affected by the severe acute respiratory syndrome (SARS) outbreak, China's international tourism surplus dropped 95 percent to only 40 million US dollars in the period.

SAFE statistics also showed China's income account deficit decreased 57 percent to 3.6 billion US dollars in the January-June period, which was due to fast growth of foreign investment.

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