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

Jihadi John's Relatives Flee Home And Want New Identities Video

Terrified relatives of Mohammed Emwazi want to change their identities over fears of revenge at tacks, friends said yesterday. The jihadi’s parents have gone into hiding ... Full story

Alfa Fatai Aderomu, Cleric Who Poisoned Client Chopped Off His Head Hands And Other Parts Of The Body

Residents of Obele community in Oko-Agbola, Magbon area of Badagry, Lagos, were taken aback at the sight of policemen at the site of a swimming ... Full story

Lagos Hotel Where Male S3x Workers Hustle For Clients

Found this eye opening report published by PUNCH newspaper…enjoy below: The time was 7pm, penultimate Saturday. The venue was a hotel on Abaranje Road in Ikotun, ... Full story

Boko Haram Terrorist Among Goodluck Jonathan’s Baga Welcome Crew

A suspected Boko Haram member in military uniform has been spotted in the images of those who welcomed president Goodluck Jonathan in Baga this week. Studying ... Full story

OutSpoken Putin Critic Shot Dead

Boris Nemtsov, a charismatic Russian opposition leader and sharp critic of President Vladimir Putin, was gunned down on Saturday near the Kremlin, just a day ... Full story

Stolen Baby Found After 17yrs In South Africa

A baby stolen from her sleeping mother's arms shortly after birth has been found by the family through an astonishing coincidence 17 years later, South ... Full story

Beverly Ukegbu Flaunts Her New Hot Pics And Video

Beverly just released the video to her new song - Bulletproof. See more photos and the video after the cut.. ... Full story

Singer Yemi Alade Writes A Tribute For Her Dad

A few weeks ago singer Yemi Alade lost her father. In a touching post Yemi Alade shared on Instagram a few minutes ago she talks about ... Full story

Charly Boy Calls Pentecostal Pastors Scammers

Controversial singer and social crusader, Chales Oputa aka Charly Boy, has tongue lashed pastors especially the Pentecostal leaders whom he says are scammers. According to the ... Full story

Larry Otu, Nigerian Business Man Assaulted By Air Force Men For Not Giving First Lady Right Of Way

A Warri, Delta State based business man who was brutalized by Air Force men is crying for justice. The visit of Nigeria's First Lady, Dame Patience ... Full story

Nigerian Celebrities That Made It Big Without University Degrees

Warning; This list only goes to show that everyone has a different path in life. Do NOT drop out after reading through.   There are also a ... Full story

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

Rate this article

0

Featured author

Mandy Heuman

Breaking News

D’Banj Hangs Out With Ashish J. Thakkar Africa’s Youngest Billionaire

Nigeria’s top entertainer D’Banj is still in Dubai and living it up! Pictured above is him hanging out with serial entrepreneur Ashish J. Thakkar, who ... Full story

12 Die As Nollywood Actor, Wale Akorede Survived Fatal Accident

It is rare to see someone escape a fatal motor accident that stumbled five times with majority passing away instantly leaving just one person without ...

Deadly Love: Youth Corp Member Commits Suicide After Girlfriend Shows Him Engagement Ring (Photo)

Unable to tolerate the heartbreak he got when his girlfriend told him about her engagement, a Nigerian youth corp member, identified as Ernest decided to ...

Jaywon Calls Out Some Artistes Showing Off 2015 Models Of Cars On Social Media But Drive Rickety Ones In Reality

Angered by the rate at which some of his colleagues show off 'fake' extravagance online, Music Nigeria star Jaywon, has advised them cut their coats ...

Finally! Chidinma Ekile Now In A relationship, Gushes About Him

Chidinma Ekile, famously known as Miss Kedike, is finally in love. The Capital Hill singer who has been romantically with Flavour Na’abania also confirmed that ...

I Am A Boring Actress... Keira Hewatch

Nollywood actress, Keira Hewatch, has revealed that with money involved, she is always able to interpret her scripts well but totally a different person off ...

No Lady Has Resisted Me - Nollywood Director Elvis Chuks Boasts

For over a decade now, Elvis Chuks has continued to produce movies that are audience delight. He has worked with celebrities such as Nse Ikpe ...

After Confession, Nigerian S3x Slave Dies in B/Faso

After an investigative report on a Nigerian s3x slave worker who was deceived into the search for a better life outside the country, latest report ...

PSquare Pictured With Billionaire Tony Elemulu

Nigerian music duo, PSquare and Nigerian billionaire/bank mogul, Tony Elumelu were together recently for some business discussions which are yet to be disclosed to the ... Full story

Toyin Aimakhu Worships Her SmallgodHubby On Instagram As He turns A Year Older Today

Barely few months after rumours of marriage crash, Nollywood actress, Toyin Aimakhu has taken to Instagram to shower praises on her young actor husband as ...