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

Anita Oyakilome Threatens Her Husband

Following the big breakup of Christ Embassy’s general overseer, Pastor Chris Oyakilome and wife Anita, it seems there is no going back for the once ... Full story

T.B. Joshua says Boko Haram may be responsible for the collapse of the Synagogue building

The founder and General overseer of the Synagogue Church of All Nations, Prophet T. B. Joshua has said Boko Haram may be responsible for the ...

Wole Soyinka - Jonathan knows about Boko Haram financier in CBN

The controversy over alleged sponsors of Boko Haram took a twist yesterday when Nobel Laureate Wole Soyinka said information about a suspected financier of the ...

TB Joshua Claims He Was The Target Of Attack In Church Building That Collapsed

Head of The Synagogue Church of All Nations, Prophet T B Joshua, yesterday declared that the collapse of a section of the church complex, which ...

Nigerian Hackers Rob Bank Of N6.3billion

Nigeria’s Economic and Financial Crimes Commission is on the trail of a group of computer hackers, who have stolen N6.28billion, about $40million, from a new ... Full story

Gunmen Kill Rivers State Governor Amaechi’s Uncle

The people of Ubima in Ikwerre Local Government Area of Rivers State have been thrown into mourning following the murder of Mr. Sabinus Odu, an ...

South African Woman With Ebola Arrested At Murtala Mohammed International Airport

Confusion At Murtala Mohammed International Airport In Ikeja Lagos Over Ebola A woman from South Africa has been arrested by Officials of Lagos State Health Ministry ... Full story

Samuel Okorie, US Based Nigerian, Arrested For Abducting And Raping A Woman

29 year old Nigerian man based in Brookline, Pennsylvania, Samuel Okorie is accused of grabbing a woman at a public place and sexually assaulting her. ... Full story

Cultists In Minna Kill, Eat 9-Year Old Boy

The Police in Niger State have apprehended an unusual cult group which specialises in eating roasted human flesh among its members. The police informed that the ... Full story

Rev. Chris Oyakhilome Has 6 Weeks To Reconcile With His Wife Anita

There are indications that reconciliation moves are on course between the President of Christ Embassy, Rev. Chris Oyakhilome and his wife Rev. Anita who have ... Full story

Boko Haram to swap 30 Chibok girls for 18 key members

After a secret negotiation, Boko Haram has agreed to release some of the abducted 219 Chibok girls. The sect has listed 18 of its key members, ...

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

Rate this article

0

Featured author

chuky01

Breaking News

Ogogo Introduced Me To Yoruba Movie—Iyabo Ojo

Top Yoruba actress, Iyabo Ojo has said that her foray into the Yoruba film industry was engineered by superstar Yoruba actor, Taiwo Hassan, who is ...

Checkout Maheeda’s No-Makeup Picture

She might be a controversial singer known for posting compromising photographs on the internet, but Maheeda sure knows how to force herself into the news ...

My Tattaoos Are Bible Quotes—IK Ogbonna

Nollywood actor and model, IK Ogbonna, has explained that his tattoos are Bible inscriptions which mean a whole lot to him.He stated that he does ...

Monalisa Chinda Throws Dinner Party To Mark Birthday

Last week, sultry Nollywood actress, Monalisa Chinda turned 40. This was first marked by the actress with visit to few schools in Lagos, where she ...

Pregnant Neulla Njubigbo Storms Mercy Johnson’s Baby Shower In America

Last weekend, one of the most loved Nollywood stars, Mercy Johnson-Okojie had her baby shower in far away United States of America, where she has ...

Boat Capsizes In Ajah, Claims 4 Lives

Tragedy has again struck in Lagos as, barely a month after a speed boat capsized in Bayeku area of Ikorodu leaving many dead, another speed ...

How Producers Take Advantage Of Desperate Actresses-Chiamaka Nwokeukwu

Young, budding actress, Chiamaka Nwokeukwu has gradually warmed her way into the hearts of movie buffs courtesy of her stunning looks and talent. The Ohuhu, ...

What Broken Marriage Has Done To Me- Saheed Balogun

Since after the shock of his failed marriage to his actress cum movie producer wife, Fathia Balogun, multi-talented movie guru Saheed Balogun has been up ...

Yvonne Nelson Lectures Fans On 'Intimacy'

Dark, lovely and leggy Ghanaian actress cum model is well known for her soft spots for love, romance and issues concerning the heart.The 'single, married ...

Queen Nwokoye, Others Storm UK For 'Ada Mbano In London'

In continuation of the award wining Nollywood movie 'Adaure' and its sequels, Queen Nwokoye is currently in the white man's land to shoot another follow ...