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
Residents of a section of Majidun, along the Ikorodu Road, Lagos have raised the alarm, alleging that Naval personnel have taken over their community and ... Full story
The National Drug Law Enforcement has apprehended a 38-year-old mother of three children for attempting to smuggle 2.04kg Indian hemp to South Africa. The hemp ... Full story
A 71- year old retired pastor of a pentecostal church in Abriba, Ohafia Local Government Area of Abia State, Rev. Chima Egbochiogum, and his wife, ... Full story
Rate this article
- Video Footage Of 2nd Jos Bomb Blast
- Listen To Leaked Call Of Jim Iyke Cursing Out Emma Agu
- Wale Expected Back In Nigeria Soon To Release A Track With Olamide
The Super Eagles were seen stretching their legs around the hotel they are lodged in Tanzania ahead of tomorrow's game. The national football team of Nigeria ... Full story
Dangote Cement has again slashed the price of its 60kg bag of cement to Building material manufacturer, Dangote Cement announced a N300 reduction in the ... Full story
Aside always dressing in all foreign wears, one sometimes just need to try out some traditional attires to acknowledge his or her tradition. Most Nigerian men ...
Dark and curvy Nollywood actress, Anita Joseph has joined the league of star that are mourning at the moment. The Anambra State born diva lost her ...
Nollywood actress Stella Damasus delivers a sincere heartbreaking performance in Robert Peters‘ directed movie, Affairs of the Heart. She plays a hardworking, loving medical doctor in ...
Tanks have credited three more states with the bailout loans they applied for to enable them to pay workers’ outstanding salaries. Sources at the Central Bank ...
Port Harcourt-based singer, Duncan Mighty, who walked his wife, Vivien, down the aisle on July 25, 2015, is very excited how things have turned out ...
Mavin records boss, Don Jazzy, definitely knows how to keep fans and media guessing and wondering about his kind of personality but can never be ...
Veteran actress Morenike Alausa aka Mama Ereko is said to be battling some spiritual problem that materialized in form of hopelessness and depression. According to reports, ...
Nollywood producer and critique, Charles Novia, has thrown in the axe and this time around it landed on the door step of former BBA star, ...