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

Boko Haram, Kills Dozens In Raid On Nigerian Village

Suspected Boko Haram militants have killed at least 45 people in a village in Borno state, north-east Nigeria, witnesses have said. The gunmen who stormed Njaba ... Full story

Singapore To Cane Germans For Graffiti On Train

Two Germans have been sentenced to nine months in prison and three strokes of the cane in Singapore for breaking into a depot and spray-painting ... Full story

Davido RespondsTo Reports Of Impregnating Older Lover

Just a few days after Davido told a fan on Twitter that his other talent apart from music is love making, the HKN star is ... Full story

U.S. Ambassador To South Korea Slashed In The Face By Knife Wielding Activist In Seoul

A horrific image has emerged showing the gaping wound inflicted on the U.S. Abmassador to South Korea's face after a furious activist slashed it open ... Full story

Segun Gele, I Know People Say I’m Feminine But I Don't Care

Master of traditional hair ties, Segun Gele yesterday spoke on Sahara Radio live. Mr Segun says he knows a lot of people doubt is s3xuality, ... Full story

Nigeria’s Ex-Chief Justice Mohammed Uwais, Son Allegedly To Have Joined Islamic State In Iraq And Syria

Reports published by The Will, a United States online news medium yesterday has suggested that, a former Chief Justice of Nigeria’s son may have joined ... Full story

Chadian President, Idriss Deby Says Shekau’s Whereabouts Known

Chadian President, Idriss Deby on Wednesday said that he knew the whereabouts of Abubakar Shekau, the leader of the militant group Boko Haram, and further ... Full story

Funky Mallam Survives Food Poisoning

Actor and comedian Saeed Mohammed aka Funky Mallam says he survived food poisoning while on set of a movie location in Ikorodu three days ago. ... Full story

Maryam Abacha, Former First Lady Celebrates 69th Birthday In Cameroon

Hajia Maryam Abacha, matriarch of the Abacha family, yesterday marked her 68th birthday in a low key event at the Le Meridien Hotel Douala in ...

Mercy Johnson Gives Reason For Boarding A Train With 'Ordinary People'

My picture and that of my daughter, Purity in a Lagos train has surfaced online and quite a number of people have asked me what ... Full story

London Home Office Denies Nigerian Lesbian Asylum Request, Says She Can’t Be Lesbian After Having Children

The Home Office was accused of relying on “highly offensive” and “outdated” views of sexuality to reject an asylum claim made by a Nigerian lesbian. Aderonke ... Full story

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

Rate this article

0

Featured author

Paula Obiewkwe

Breaking News

NFC Exclusive: Is Ann Njemanze’s Second Marriage In Crisis?

From all indications, it seems all is not well in actress Ann Njemanze’s new home. Ann, Segun Arinze’s ex-wife and Nollywood star who is well ...

Filmmakers set to relocate industry to Asaba

The hope for a film village by Nollywood practitioners has required a collaborated effort focused on the state capital, Delta State. This according to Nollywood ...

Nollywood May Not Get to The Peak… Tunde Kelani

Veteran Nollywood director, Tunde Kelani, has divulged that the rate of piracy in the country has grown to an extent that it is now affecting ...

Student Falls From 4th Floor After Deliverance Session in School

A student from the All Nations University College in the Eastern Region fell to her death from the school's storey building Wednesday evening Joy News ...

Dencia to Unveil New Cream ‘Darklicious’

Just as many people wants to get fairer by using all sorts of creams like Dencia’s Whitenicious product, some are planning to get darker due ...

Dencia Launches New Skin Product

Controvetsial Pop star Dencia, who is behind the beauty product Whitenicious recently released yet another controversial skin care products called Darklicious. Dencia who is part Cameroonian ... Full story

Zack Orji's Son, Leo'nel, Joins Music Bandwagon

With the rise of the parent-offspring collaborations going on in Nigeria, many of the celebrities might just turn the entertainment industry into a family business. ...

Governor Amaechi Turns Hairdresser in Rivers State

As the countdown to the March 28 general elections in Nigeria, some governors have began getting close to its citizens as a way of showing ...

Jealous Stepmother in Police Custody over Child Abuse

A 28-year-old woman, Christiana Faturoti in Ogun State has been detained for attempted murder after she had tied her stepdaughter, taped her mouth and locked ...

Olu Maintain And Peter Okoye, Flaunts Their Luxury Living Room

Big Boys, Peter Okoye and Olu Maintain watched the English Premier League matches tonight in the best way possible After watching the game, the two music ... Full story