????中國政府阻止經濟放緩所采取的刺激措施使出口出現大幅反彈，在7月份，中國公布了其有史以來最大的單月貿易順差。

????據中國海關總署（General Customs Administration）的統計顯示，中國出口總值比去年同期增長了15%，比路透社（forecast）調查的預期翻了一番，而且中國對美國、歐盟、日本與東南亞等主要貿易伙伴的出口均保持了增長。

????與之相反的是，進口總值比去年同期下降1.6%，未達到3%的增長預期，其中很大一部分原因在于推動經濟增長的大宗商品價格回落。在前七個月，中國煉鋼用鐵礦石的進口數量增長了18%，但鐵礦石平均價格卻下跌了15%。同樣，煤炭進口量減少了2.2%，但平均價格卻同比下跌了15%。分析師認為，對大宗商品抵押貸款交易的調查，也可能抑制了進口量的增長。

????最終結果是，中國七月份的貿易順差為473億美元，六月份的貿易順差為316億美元。經濟學家曾預測，七月份貿易順差將小幅收窄至280億美元。

????這些數字再次證明，中國政府成功避免了因為經濟放緩而徹底推翻之前公布的策略，至少取得了暫時性的成功。之前的策略包括實現經濟再平衡、減少對出口的依賴和推動國內消費等。這些政策曾推動人民幣對美元匯率貶值，再次引發了國際社會對于中國操控匯率以在國際市場獲得競爭優勢的擔憂。但隨著過去兩個月經濟數據的改善，人民幣兌美元匯率上升了2%。

????在實現較大貿易順差的其他國家中，德國六月份的單月出口環比增長1.1%，同比增長2.1%，整個上半年出口同比增長2.4%。上半年的經常賬戶盈余從去年的924億歐元，小幅增長至935億歐元。

????與中國一樣，德國的經常賬戶也是令華盛頓不安的因素之一，因為美國認為兩國長期保持巨大的貿易順差，是世界經濟的主要不平衡因素。與中國相反，德國沒有直接控制匯率，但與其他國家使用共同貨幣歐元，依舊使其從中獲益，因為其他國家的經常帳戶較為疲弱，降低了歐元的升值壓力。

????在歐元危機期間，因沒有為其他歐元區經濟體提供足夠的支持或購買他們的商品，德國曾遭到譴責；但如今，德國與其他歐元區國家的貿易基本實現平衡。今年上半年，德國對歐元區國家出口2,086億歐元，進口2,073億歐元。在上半年1,062億歐元的貿易順差中，約四分之三與非歐盟國家有關，其他部分則與英國、波蘭等未加入歐元區的歐盟成員有關。（財富中文網）

????翻譯：劉進龍/汪皓

????China posted its biggest-ever monthly trade surplus in July, as government stimulus measures to stop the economy slowing down generated a big rebound in the country’s exports.

????The General Customs Administration said exports rose 15% on the year, double what was forecast by a Reuters survey, with shipments to all of China’s major trading partners–the U.S., E.U., Japan and South-East Asia–clearly up.

????Imports, by contrast, fell 1.6% on the year, missing forecasts of a 3% increase, reflecting in part lower prices for the commodities that fuel its economy. Over the first seven months of the year, China has imported 18% more iron ore for steelmaking, but the average price for it has fallen 15%. Likewise coal imports fell 2.2% by volume, at an average price down 15% from a year ago. Analysts said that an ongoing probe into commodity-backed loan deals also probably depressed import volumes.

????As a result, China’s trade surplus hit $47.3 billion in July, up from $31.6 billion in June. Economist had forecast a slight narrowing to $28 billion.

????The figures are the latest to suggest that the government succeeded in stopping a slowdown caused reversing–at least temporarily–its declared strategy of rebalancing the economy, downgrading exports and focusing more on domestic consumption. Those policies had pushed the yuan lower against the dollar, reviving fears about manipulation of the exchange rate to steal a competitive advantage in international markets. However, as the economic data have improved over the last two months, the yuan has risen by 2% against the greenback.

????In the land of the world’s other big trade surplus, Germany reported a more modest 1.1% increase in exports on the month in June, leaving them up 2.1% on the year and up 2.4% for the first of the year as a whole. The current account surplus for the first half edged up to €93.5 billion from €92.4 billion a year earlier.

????As with China, Germany’s current account is a source of frustration in Washington, which sees their huge and chronic surpluses as major imbalances in the world economy. In contrast to China, Germany has no direct control over its exchange rate, but it has still benefited in the past from sharing a currency, the euro, with other countries whose current accounts are much weaker, which reduces the upward pressure on it.

????Germany came under fire during the euro crisis for failing to do enough to support other Eurozone economies by buying their goods, but its trade with the rest of the Eurozone is now roughly in balance. In the first half of this year, it shipped €208.6 billion in exports to Eurozone countries, and imported €2o7.3 billion. Out of a trade surplus of €106.2 billion in the first half, around three quarters of that was with countries outside the E.U., while the rest was with countries such as the U.K. and Poland, which are E.U, member but which don’t use the euro.