China October Trade Surplus Widens, Export up 11.6Pct11-10 16:20 Caijing
China’s trade surplus winded in October as export growth accelerated, the latest encouraging sigh that the world’s second-largest economy is recovering.
Exports swelled 11.6 percent, the strongest rise since May, which leaves the country with a surplus of 32 billion U.S. dollars compared with September’s 27.7 billion, the customs administration said on Saturday.
During the same period, imports rose 2.4 percent year-on-year, the same rate of growth recorded in September.
In the first ten months of 2012, the country’s total foreign trade rose to 3.16 trillion U.S. dollars, up 6.3 percent from the same period of last year, the customs said.
“Export growth is truly turning better. With two months of data we should be a little more confident to say this is a nice rebound,” Bank of America-Merrill Lynch economist Lu Ting said.
China had targeted this year’s foreign trade growth at 10 percent, lower than last year’s 22.5 percent with weakening global demand.
“While external demand has started to pick up, it still looks unlikely for China to reach a trade growth of 10 percnet this year,” said Ligang Liu, chief economist Great China at ANZ.
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