China's trade surplus widens to $31.99 billion in October
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China's trade surplus widens to $31.99 billion in October

Last Updated: Saturday, November 10, 2012, 14:32
 
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China's trade surplus widens to $31.99 billion in October
Beijing: China's trade surplus widened in October as growth of exports accelerated while that of imports remaining steady, data from the country's customs showed Saturday.

China's exports rose 11.6 percent from one year earlier in October, beating market expectations for a rise of 9 percent and stronger than the 9.9-percent increase registered in September, according to the General Administration of Customs.

Imports climbed 2.4 percent year on year last month, unchanged from the growth in September, reported Xinhua.

This resulted in a widening trade surplus of USD 31.99 billion in October, compared with USD 27.67 billion in September and USD 26.66 billion in August.

In the first ten months, the country's foreign trade volume expanded 6.3 percent from the same period of last year, the administration said.

China targets 10 percent growth in total foreign trade this year, a figure which officials concede is going to be hard to achieve.

Minister of Commerce Chen Deming Saturday warned of lingering pressure on the country's foreign trade from weak global demand, rising domestic costs and growing trade protectionism.

China's trade volume with the European Union, the nation's largest trade partner, fell 3 percent to USD 452.83 billion in the first ten months while that with the US, the second-largest trade partner, climbed 9.1 percent to USD 396.09 billion.

Trade with Japan declined 2.1 percent from one year earlier to USD 275.47 billion during the January-October period.

IANS



First Published: Saturday, November 10, 2012, 14:29


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