Rate of growth is lower then in September at 21.5%, but remembering the total Credit Crunch in Trade and general mood in the markets in October it is great news for that part of the world.
"China trade surplus rises but export growth weaker
1 hour ago
BEIJING (AP) — China's trade surplus swelled in October to a monthly record but export growth weakened amid a global economic slowdown that has battered Chinese exporters, according to data reported Tuesday.
China's global trade surplus rose 30 percent from the year-earlier period to $35.2 billion, the customs agency reported. The surplus with the United States rose 13.6 percent to $17.5 billion, while that with Europe rose 12.2 percent to $15.6 billion.
Exports surged 19.1 percent to $128.3 billion in October despite weaker global consumer demand. But that growth rate was down from September's 21.5 percent and sharply lower than the recent peak of 26.9 percent in July.
"The global financial crisis has had a considerable impact on Chinas export growth, which will continue to show weakness with recession in the U.S. and Europe," said a report by Jing Ulrich, JP Morgan & Co.'s chairwoman for China equities.
An unexpectedly sharp downturn in foreign demand for Chinese goods has led to a wave of factory closures and layoffs in the country's export-driven southeast.
The government has tried to help struggling exporters by boosting export-related tax rebates. Its massive stimulus package unveiled Sunday calls for efforts to compensate for weakening foreign demand by boosting domestic consumer spending.
China's import growth fell even more sharply in October, widening the trade surplus and reflecting weakness in domestic demand. Imports rose 12.4 percent to $93.1 billion, compared with September's 21.3 percent growth rate."
1 hour ago
BEIJING (AP) — China's trade surplus swelled in October to a monthly record but export growth weakened amid a global economic slowdown that has battered Chinese exporters, according to data reported Tuesday.
China's global trade surplus rose 30 percent from the year-earlier period to $35.2 billion, the customs agency reported. The surplus with the United States rose 13.6 percent to $17.5 billion, while that with Europe rose 12.2 percent to $15.6 billion.
Exports surged 19.1 percent to $128.3 billion in October despite weaker global consumer demand. But that growth rate was down from September's 21.5 percent and sharply lower than the recent peak of 26.9 percent in July.
"The global financial crisis has had a considerable impact on Chinas export growth, which will continue to show weakness with recession in the U.S. and Europe," said a report by Jing Ulrich, JP Morgan & Co.'s chairwoman for China equities.
An unexpectedly sharp downturn in foreign demand for Chinese goods has led to a wave of factory closures and layoffs in the country's export-driven southeast.
The government has tried to help struggling exporters by boosting export-related tax rebates. Its massive stimulus package unveiled Sunday calls for efforts to compensate for weakening foreign demand by boosting domestic consumer spending.
China's import growth fell even more sharply in October, widening the trade surplus and reflecting weakness in domestic demand. Imports rose 12.4 percent to $93.1 billion, compared with September's 21.3 percent growth rate."
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