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.
Headlines Newsview all
A Nigerian man who arrived Iceland last August, has been arrested for deliberately infecting women with the HIV. Police are currently investigating the case, particularly as ... Full story
What's the worst thing that can happen...you'll be single. Is singlehood so bad? Watch Rhythm FM OAP, Toke Makinwa's Vlog of the Week. She has been ... Full story
The American lady who accused Timaya of rape, has finally released evidence of report filed against the singer. Since the news of the alleged rape broke ... Full story
Rate this article
- Stella Damasus Shows Undying Love To Daniel Ademinokan As He Marks Birthday Today
- I Was Once A Danfo Driver - Ayodele Fayose
- Bubbling Under | DearXsT – Motilowo
Relief has come for individuals who are looking to change currency in the black market as the rate of naira to a dollar increased yesterday, ... Full story
2015 MTV Africa Music Awards “Best Female” award winner Yemi Alade premieres the music visual for “Duro Timi“; a Sizzle Pro produced emotive ballad sheltered on her acclaimed ...
There is a popular saying that anything worth doing is worth doing well. With this saying, singer, Olamide, seems not to have any regrets signing ...
For those rumour peddlers who had stated that Nollywood actress, Tonto Dikeh, is pregnant, well, the actress has openly revealed herself for all to see. The ...
Multiple award wining music star, David Adedeji Adeleke, better known as Davido has revealed the identity of the only woman in his life at the ...
Will the crisis trailing Nigerian singer, Timaya, ever stop? Recently, the lady accusing the singer of rape, Sheila B and a fellow American base lady, ...
Barbara, the babymama of controversial singer, Timaya, seems not to be bothered with the controversies trailing the father of her two children. It is no longer ...
Nigerian singer, Timi Dakolo, has joined his voice with others who have kicked against sexual molestation of women in the society. Timi Dakolo, who has thrown ...