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

Last Time Nigerian Army Bought Weapons Was In 2006 - Alex Badeh Video

Immediate past Chief of Defence staff, Alex Badeh is not done talking about the lack of equipment in the Nigerian army. In an interview with ... Full story

South African First Lady To Be Charged In Court Over Alleged Plot To Poison Jacob Zuma

The net is closing in on First Lady Nompumelelo ­Ntuli-Zuma, who has allegedly admitted to knowing about a plot to ­poison the president. City Press has ... Full story

Man Paraded Naked For Raping A 5 Year Old Boy In Lagos (+18 )

A man in his early 50s was reportedly caught pants down having sex with a 5 year old boy was mobbed and paraded naked by ... Full story

Goodie Ibru Arraigned For Alleged N1bn Fraud

The Economic and Financial Crimes Commission has filed 11 counts of fraud against the former Chairman of Ikeja Hotels Plc, Mr. Goodie Ibru, for allegedly ... Full story

Ibaa Community Threatens To Invoke Deity Over Kidnappings And Killings

THERE are indications that the people of Ibaa community in the Emohua Local Government Area of Rivers State have resolved to invoke the deity of ... Full story

Osogbo Progressive Union Chairman, Alhaji Akeem Woleola Attacked By Hoodlums

The Chairman of Osogbo Progressive Union, Alhaji Akeem Woleola, said hoodlums numbering about 70, invaded the venue of special prayers organised by members of the ... Full story

Woman’s Corpse Abandoned At Rubbish Dump In Ogun By Ritualist

The corpse of a 23-year-old lady has been abandoned at a dump in the Olomoore junction in Abeokuta, Ogun State, with a chunk of flesh ... Full story

Military Captures Boko Haram Commander And Free 178 Captives

The Nigerian Military has gained another triumph over the Boko Haram by arresting one of its commanders and rescuing over 150 hostages.  Another victory has been ... Full story

Ugandan Girl Stabs Her Nigerian Boyfriend In The Face For Cheating On Her

A Nigerian man named Epa is currently fighting for his life in a hospital in Malaysia. According to the story circulating from Uganda, his alleged ... Full story

Police arrest pastor at cemetery over alleged rituals

Asaba – The Police in Delta said they had arrested a pastor of one of the Pentecostal churches in the state at a cemetery in ...

Peter Christopher, 48, Rapes Girl, 8, Offers Her Family N25,000 As Compensation

An eight-year-old girl has narrated how she was allegedly raped by their 48-year-old neighbour, Mr. Peter Christopher, one afternoon in the building her family shared ... Full story

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

Rate this article

0

Breaking News

Arsenal Fan Who Picks Up Mourinho's Community Shield Medal After Defeat

Chelsea manager, Jose Mourinho threw his Community Shield runners-up medal to a young Arsenal fan after defeat at Wembley.  Chelsea manager, Jose Mourinho handed a young ... Full story

Timaya Pictured With Rihanna In Barbados

Nigerian dance-hall singer Timaya, was a guest star at a street festival last weekend in Barbados. He had the honour of performing on stage while Bajan ... Full story

Photos From Mavin Performance At NBA Event In South Africa

Mavin Records acts, Don Jazzy, Reekado Banks and Korede Bello were part of the African music stars that performed at the historic NBA exhibition contest ...

Sean Tizzle: I Will Enhance My Body To Look Good

Nigerian singer, Oluwaseun Morinhafen, also known as Sean Tizzle, in a recent interview has denied gossips making the rounds that he had changed the colour ...

My Wife Didn’t Like Our Son’s Music Career - Femi Falana

Music sensation, Falz, is enjoying every moment in the spotlight but before he got there, he had to cross some hurdles at home. Saturday Beats ...

My Mum Always Warned Me About Women - Mike Godson

In a recent interview with The Entertainer, fast rising Nollywood actor, Mike Godson revealed one of his best kept advices from his mum. The Imo ...

Checkout What Actress, Moji Olaiya Invested Several Millions On

Nollywood actress, Moji OLaiya, has joined the train of entertainers who are investing their money wisely to diversify into other businesses. Rather than remain dependent on ...

Omotola Jalade Causes Stare With Outfit (Photos)

Nollywood actress, Omotola Jalade, is really making a lot of men to salivate with her beauty which continues to radiate as the day goes by. The ...

Naira Has Recovered In Black Market, Checkout New Rate

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

Mario Balotelli's Liverpool Career Is Over

Mario Balotelli's career might be finally over at Anfield as he has been left out of trainings and tour.  Mario Balotellli's career in Liverpool may just ... Full story