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

Gabriel Omogbo, Nigerian Pastor In Washington D.C. Accused Of Beating, Robbing And Raping Escorts Video

A preacher has been arrested after being accused of beating, robbing and raping escorts in hotels across Washington DC. Gabriel Omogbo of Hyattsville, Maryland, is charged ... Full story

Former President Goodluck Jonathan, Narrowly Escapes Death In Bayelsa

Goodluck Jonathan, the immediate past president of Nigeria, has narrowly escaped the death in Bayelsa state today, November 30. Suspects Some suspected men accused of working for ... Full story

Anonymous Accuses Firm, CloudFlare Of Protecting ISIS From Cyber Attacks

The hacktivists named and shamed the firm as CloudFlare, dubbing them "shameful" on Twitter A trendy Silicon Valley business has been accused of aiding Islamic extremists ... Full story

UPDATES:Synagogue Church of All Nations Building Collapse,Trial Stalled As Pastor TB Joshua And Contractors Refuse To Honor Lagos Court Summons

Lagos State High Court presided by Justice Lawal Akapo has adjourned till 11th of December, the trial of senior pastor and prophet of Synagogue Church ... Full story

Former National Security Adviser Sambo Dasuki Got Jonathan’s Approvals To Collect $2.1bn From NNPC

Sambo Dasuki, former national security adviser, received an extra-budgetary allocation of $2.1 billion from the Nigerian National Petroleum Corporation (NNPC) within nine months after approvals ... Full story

Tyson Fury The 1lb Premature Baby Who Grew To 6ft 9in And Conquered The World

Rachael Bletchly charts the wild and unpredictable rise of the self-proclaimed Gypsy King and new heavyweight champion of the world He was born three months early ... Full story

Gay Gospel Singer Threatens To Kill Himself, Says He Is Tired Of Broken Hearts

A Kenyan gay gospel musician George Barasa popularly known as Joji Baro took to his Facebook page on November 26, to disclose his intention to ... Full story

Fake Pastors: Pastor Chris Paid Me To Fake A Miracle - Church Member

Popular Nigerian pastor and head of Believers World, Pastor Chris Oyakhilome has yet again been involved in another controversy. This time, the pastor has been accused ... Full story

I Sold Bars Of Soap As Phones - Michael Bisa

The police in Lagos have arrested a 54-year-old man, Michael Bisa, for allegedly selling fake phones to customers in the Oshodi area of the state. PUNCH ... Full story

General Sani Abacha Loot Spent On Roads, Electricity, Others, Dr. Ngozi Okonjo-Iweala Tells World Bank

The Socio-Economic Rights and Accountability Project (SERAP) has “received several documents from the World Bank totalling over 700 pages on information on the spending of ... Full story

President Buhari tells Queen Elizabeth II "We need more Commonwealth support against terrorism "

President Muhammadu Buhari has for the establishment of a Commonwealth Committee to oversee the rendering of greater assistance and support to Nigeria and other member-countries ...

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

Rate this article


Breaking News

My Father Disowned Me Because Of Fela - Dede Mabiaku

One of Nigeria’s most celebrated Afro-beat singer, Dede Mabiaku, who has been able to carve a niche for himself through the artistry he learnt from ...

Government Needs To Invest In Nigerian Entertainment Industry - British High Commissioner To Nigeria

One of Nollywood’s most adored actresses, Omotola Jalade Ekehinde, recently hooked fans up with the British High Commissioner to Nigeria, Paul Artwright, to discuss issues ...

I Slept Off When My Wife Was In Labour - Sound Sultan

Naija Ninja co-owner, Sound Sultan, is so elated that his daughter Zara, just turned six today November 30, 2015 and as a proud father, he ...

The Illusion Of Anonymity In The Digital Age By Tony Ogunlowo

As an internet security consultant I deal with lots of people and companies, on a daily basis, who want to remain anonymous online but can’t ...

Yoruba Boys Not Good For Marriage - Kemi Olunloyo Rants On Twitter

Kemi Olunloyo, the daughter of the former Oyo state, Victor Omololu Olunloyo, made a very controversial statements via her twitter handle. Following the #sugarbelly story trailing ...

Genevieve Nnaji Slays again In An Elegant Dress While Promoting Her New Movie (Photos)

Delectable Nollywood actress cum movie producer, Genevieve Nnaji, has been keeping her fashion game tight. The diva was recently spotted looking all “Right” at the Lagos ...

See How Uche Jombo Celebrated Son's 6 Months Birthday (Photos)

Just like other proud mothers who are always excited to see their children grow, Uche Jombo decided to celebrate her son, Matthew’s sixth month birthday ...

Woman Reportedly Embarrassed D'banj At The Airport For Not Prostrating For Her

According to a recent report, it was more like a melo-drama from the scenes of our home videos when a an angry woman attacked D’banj ...

Jude Okoye Shares Daughter's Cute Photo To Celebrate Her 1 Year Birthday

On July, 2014, P-Square manager and their elder brother, Jude Okoye, tied the knots with MBGN Tourism 2012 model, Ify Umeokeke. During their wedding, the bride ...

AY Comedian Celebrates 7 Years Wedding Anniversary With Sweet Words

Famous Nigerian comedian, AY Makun, is celebrating his 7 year wedding anniversary to his beautiful wife, Mabel. The rib-cracker took to his Instagram page to shower ...