BEIJING, Aug. 15 (UPI) -- Growth of Chinese exports to the United States slowed in the first half of 2008 due to the U.S. economic slowdown and a rising yuan, the government said.
First-half exports to the United States -- China's second largest trading partner after the European Union -- totaled $116.79 billion, up 8.9 percent from the same period of 2007, but below the 9 percent growth in the first half of last year, China's state-run Xinhua news agency reported, quoting China's General Administration of Customs.
The Chinese currency has appreciated more than 20 percent against the U.S. dollars since July 2005 when the yuan's official peg to the greenback was lifted, making Chinese goods more expensive overseas, the report said.
First-half processing trade industry exports to the United States rose 5.7 percent to $70.68 billion, but the rate was down 3.2 percentage points from that of 2007.
First-half exports of mechanical and electrical products, China's major export items, totaled $71.9 billion, up 8.6 points but down 8.4 percent year on year, the report said.
China's exports around the world totaled $666.25 billion in the first half, up 21.8 percent from 2007 first half.
