China posts big trade surplus as exports goes up
Beijing: China's exports has outperformed market expectations in November, with higher demand in the US and Europe due to the festival sales, pushing the trade surplus to USD 303.8 billion, putting the world's largest exporter on track for its biggest trade balance since 2008.
Exports went up 12.7 percent year-on-year in November while imports gained 5.3 percent, the General Administration of Customs said today.
November's export growth is above the market expectation of 7.0 percent due to improved figures from the United States and the European Union, ?Liu Ligang, chief economist at ANZ Banking Group was quoted by state-run Xinhua news agency as saying.
This is the second month of rise in exports, reversing the decline in October by 5.6 percent from a year earlier to USD 185.4 billion.
Foreign trade stood at USD 370.6 billion in November, including USD 202.2 billion of exports and USD 168.4 billion of imports. Trade surplus hit USD 33.8 billion in November, the second month for China to report more than USD 30 billion of trade surplus, Liu said.
Foreign trade has gained 7.7 percent year-on-year to USD 3.8 trillion this year. China targeted foreign trade growth of 8 percent in 2013 against last year's 7.8 percent, but the GDP showed signs of continued slowdown prompting Chinese leadership to announce a slew of economic reforms to reignite growth.