China’s exports surge, trade surplus widens

// News | General | China’s exports surge, trade surplus widens
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

China’s trade surplus widened further in October to $32bn as exports swelled  by 11.6 per cent, the strongest rise since May, state-run news agency Xinhua reported on Saturday.

During the same period, imports rose by  2.4 per cent year-on-year, the same rate of growth recorded in September.

CNN reported that in the first ten months of 2012, the country’s total foreign trade expanded  by 6.3 per cent  to $3.16tn compared to the same period last year.

China had set a target of target of 10 per cent growth in foreign trade this year, however the country’s commerce minister has said that will be difficult to achieve.

“Even though our year-on-year export growth rate rebounded slightly to 9.9% in September and 11% in October, it remains very difficult for us to achieve the 10% foreign trade growth target for the whole year,” Chen said on the sidelines of the Communist Party’s 18th National Congress in Beijing, according to Xinhua.

Chen said that China could instead expect to maintain its share of global trade.

Last year, China’s trade surged by  22.5 per cent, however, this year, weak global demand, higher operating costs and growing trade protectionism were putting pressure on exports, Xinhua reported.

In the first ten months of this year, trade with China’s largest trading partner, the European Union fell by  three per cent amid a severe economic downturn and a series of severe austerity measures. A territorial dispute between China and Japan has also taken a toll on their economic relations, pushing trade between the two down by 2.1 per cent.

The falls were offset by China’s growing trade relations with the United States, ASEAN countries, Russia and Brazil. This year, China’s trade with the US, its second largest trading partner, increased by 9.1 per cent to $396bn.

The positive figures come as thousands of delegates meet in Beijing for a once-in-a-decade leadership change. Next week, Xi Jinping is expected to be named the country’s new president, replacing current President Hu Jintao.

Tagged : No tags for this article

Headlines Newsview all

Asari Dokubo Slams President Jonathan’s Comments On Buhari

The Leader of Niger-Delta Peoples Volunteers Force, Alhaji Mujahid Dokubo-Asari, on Tuesday slammed President Goodluck Jonathan over his comment that Nigeria would have boiled if ...

Chibok girls’ parents, community leaders clash over Jonathan's N100m largesse

Controversy has erupted between parents of the kidnapped girls and leaders of the Chibok community in Abuja over an alleged N100m largesse given by President ...

Oby Ezekwesili: Female suicide bombers may be Chibok girls

Former minister and one of the leaders of the #BringBackOurGirls, Dr. Oby Ezekwesili, has raised an alarm on the increasing use of teenage girls as ...

Mallam Nasir El-Rufai loses son in Abuja road crash

Tragedy hit the home of the former Minister of the Federal Capital Territory, Mallam Nasir El-Rufai, in the early morning of Tuesday when his son, ...

Blessing Okagbare Wins 100 Metres Gold At Glasgow Commonwealth Games - Video

Blessing Okagbare wins women’s 100 metres gold in 10.85 seconds to increase Team Nigeria’s medals haul at the ongoing Commonwealth Games in Glasgow. Okagbare also erased ...

Bomb Blast Rocks Kano Again, Many Feared Dead

Another explosion hit Kano, coming just 24 hours after the state suffered three bomb explosions in different locations. Today’s blast took place at the NNPC ...

Asari Dokubo: "Bomb attack on former Military Head of State was planned by Buhari himself"

This might look weird, but the former militant leader, Dokubo-Asari has alleged that the bomb attack on former Military Head of State was planned by ...

Kano State Catholic Church Bomb Blast Kills 6, Injures 13

2 Bombs went off in northern Nigeria’s main city of Kano, killing 6 people and wounded 13 others on Sunday, a senior police officer said. The ...

19 Yrs Old Ghanaian Girl Commits Suicide After S3x Tape Leaks - Video

The Ghanaian Girl who Became Famous After a video of her and her boyfriend Making Love Hit The internet Allegedly Committed Suicide, Benadicta Yeboah who ... Full story

Nigerian army arrest bomber disguised as woman in Kaduna

The Nigerian Army has apprehended a suspected insurgent in relation with the twin bomb blast that rocked Kaduna on Wednesday. The twin-bomb attacks which resulted in ... Full story

Nigerian man sentenced to death for failing to bribe policeman with N200

A shaft of pain knifed through his facial contours as he recounted the grisly experiences he had in prison for more than 23 years. Prior to ...

Comment on: China’s exports surge, trade surplus widens

Rate this article

0

Featured author

Reinetta Zachary

Breaking News

Pastor Ashimolowo's Son, Tomi Marries in Grand Style (Pictures)

Recently, son of Pastor Matthew Ashimolowo of the Kingsway International Christian Centre (KICC), Tomi Michael, got married to his sweetheart, Jeneba Kamara. The event held ...

I Once Raised $50,000 For My Daughter’s Treatment Without Begging—OJB Jezreel

Nigerian Music producer, OJB Jezreel, has explained that people who talked ill about him do not know how it feels to be down with kidney ...

I’m Not Jealous Of Anyone In Nollywood—Mosun Filani

Nollywood actress, Mosun Filani, has expressed gratitude to God for making her remain relevant in the movie industry considering the challenges.According to the actress, it ...

Ebola Scare Forces Jim Iyke Out Of Liberia

Disease of the moment, Ebola, is definitely making many people be on their toes. Almost everyone is talking about it and various governments in the ...

MC Danni B Advises Comedians

MC Danni B Emerging comic star, MC Danny B, formerly known as MC Baba D, has disclosed to Nigeriafilms.com that he likes the growth being experienced ...

Young Artistes Are Only After Ladies, Not Good Music—Ras Kimono

Veteran reggae artiste, Ras kimono, has lashed out on up and coming artistes over their poor attitude towards building a strong career for themselves in ...

Wizkid And Davido Engage in war of words on Twitter

Two of Nigeria’s biggest artists Davido and Wizkid don’t seem to like each other. If the subtweets The problem started when Wizkid tweeted a message ...

Yoruba Actress, Omotunde Ogundimu Critically Ill, Needs Financial Help

Popular Yoruba actress, Omotunde Ogundimu, who has been off the movie scene for a while now, is presently battling with fibroid. The mother of three ...

K1 Plans Big For ‘K1 LIFE UNUSUAL’ In November, Sets For World Music Tour

Fuji maestro, Wasiu Ayinde Marshal, better known as K1 De Ultimate, has concluded plans to embark on a world music tour. The Fuji king will ...

I Don’t Mess Around Because I Have A Husband—Shan George

Iconic Nollywood actress, Shan George has exclusively disclosed to Nigeriafilms.com that she is currently with a man she calls her husband and not messing around ...