China's monthly trade surplus rose 13.5 percent in October
12/11/2007 16:42
China's trade surplus in October rose 13.5 percent over the same month
last year to US$27.05 billion, the General Administration of Customs said
today.
The figure was higher than the US$23.91 billion in September and lower
than the average US$30.6 billion predicted by large financial institutions such
as Bank of China (Hong Kong) and JP Morgan Chase.
In October, exports reached
US$107.73 billion, up 22.3 percent year-on-year yet down 0.5 percentage points
over September. Imports grew to US$80.67 billion, up 25.5 percent or 9.4
percentage points higher than September.
The administration said in its
monthly report, "The slowdown in export growth and a steady increase in imports
reflected the country's efforts to improve foreign trade beginning to pay
off."
China's trade volume totaled US$1.76 trillion for the first ten months
of 2007, up 23.5 percent on last year. The growth rate was the same as
September.
Exports in the first ten months reached US$985.84 billion, up 26.5
percent year-on-year and imports grew 19.8 percent to US$773.48
billion.
Trade surplus in the Jan.-Oct. period amounted to US$212.36 billion,
up 59 percent. The growth rate was 10.2 percentage points lower than the first
nine months.
Yao Jingyuan, chief economist with the National Bureau of
Statistics, predicted on Saturday trade surplus for the whole year would hit
US$250 billion.
A report released by the central bank forecast the country's
trade surplus in 2008 would remain at a high level but the growth would steadily
slow down.
In its latest bid to curb the expansion of exports, China
discouraged foreign investment in export-oriented industries in the newly-issued
guide for foreign investment.
The European Union remained China's largest
trading partner, with the bilateral trade volume standing at US$287.5 billion
from January to October, up 27.5 percent compared with the same period last
year.
The US and Japan are China's second and third largest trading partners,
with the total trading volume both up around 15.7 percent to US$248.2 billion
and US$191.9 billion, respectively.
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