China Registers $2.56-Billion Trade Surplus

China has slashed imports and increased exports to post a trade surplus of $2.56 billion the first half of this year, reversing last year’s sizable deficit.

The New China News Agency said Sunday that customs statistics show exports in the first six months of this year growing to $25.65 billion, 15.4% more than the same period last year.

Imports fell to $23.09 billion in the first half, the agency said--a decrease of $4.95 billion from the same period last year.

The surplus contrasts with a deficit of $5.78 billion at the halfway mark last year. It will help Beijing repay its $40-billion foreign debt, much of which falls due in the next three years.

Exports have profited this year by a 21% devaluation of China’s currency, the renminbi, against the dollar last December. A sharp drop in inflation from last year’s levels has made Chinese goods cheaper abroad.

The drop in imports was a result of a general economic slowdown in China since last year and tougher administrative controls.

China has erected bureaucratic barriers to foreign cigarettes, cars, televisions, tape recorders, refrigerators and other durable consumer goods--such as instructions to state-owned import companies to restrict their purchases.

One boost to exports this year has been trade with Taiwan. In the first five months, shipments there totalled $86 million, an increase of 221% from a year ago.