China's August trade surplus tumbles to $17.8b

China's trade surplus contracted sharply to $17.8 billion in August, down from $31.5 billion in July, as imports rose to a new record high, according to official data released Saturday.
The trade surplus is a perennial point of contention for China's key trade partners, the United States and Europe, who seek better market access to the world's second-biggest economy.
China's August exports rose 24.5 percent year-on-year to $173.3 billion, the customs agency said in a statement.