BEIJING, Sept. 12 (UPI) -- China's trade surplus in August shrank to $17.75 billion from July's $31.5 billion, largely because of higher imports, the government said.
The July surplus, however, was the highest in 2 1/2 years despite the global economic doldrums, China Daily reported.
The government said while slowing global demand is pinching China's export growth, demand remains strong. China is the world's second-largest economy after the United States.
"Acceleration of import continues exceeding export's rise in the future," the newspaper quoted Wang Tao, head of China Economic Research at UBS Securities, as saying.
China's August exports were up 24.5 percent from the same month of last year to $173.31 billion, the General Administration of Customs said.
August imports rose 30.2 percent to $155.56 billion, yielding a trade surplus of $17.75 billion for the month.
China's exports in August to the United States were up 12.55 percent and up 29.8 percent to Japan.
China's policymakers, concerned by rising inflation, want to drive up domestic demand to make the country less dependent on exports.
