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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China posts record trade surplus, despite global turmoil AFP - 1 hour 6 minutes ago BEIJING (AFP) - - China said Tuesday its trade surplus hit a monthly all-time high of 35.2 billion dollars in October, as exports remained strong despite the global economic turmoil. The surplus, up 29.9 percent from a year ago, reflected demand for China's exports outside the United States and Europe, but it was also the result of a marked slowdown in imports. Experts said China's trade would soon show more clearly the impacts of the global economic woes, with export growth set to slow following reports already of many factories dependent on overseas sales facing deep difficulties. "It is not very likely that such fast growth in the surplus will be sustained," said Qi Jingmei, a researcher with the State Information Centre, a Beijing-based government think tank. Exports in October rose 19.2 percent from a year ago to 128.3 billion dollars, compared with 21.5 percent growth in September, according to the data from the Customs Administration. Qi highlighted the diverse markets for China's exports as one reason for the continued solid performance despite problems selling to the struggling developed markets. "The demand from Africa, Latin America and Russia is still strong although exports to Europe weakened," Qi said. China's state-run Xinhua news agency also gave prominence to the diversification cushion, reporting that exports to Latin America grew 52 percent in the first nine months to 111.5 billion dollars. A slowdown in import growth, rising 15.6 percent in October from a year earlier to 93.1 billion dollars, was another important factor. "Import growth fell by large margins, which made the trade surplus look high," said Li Huiyong, a Shanghai-based economist with Shenyin Wanguo Securities. Since a large portion of China's imports are of input that get assembled and then re-exported, the trend could also signal further declines in exports in the months ahead, according to observers. The more moderate rise in imports was also seen to reflect sharp declines in the price of oil and other commodities. In the first 10 months, the trade surplus -- long a source of friction with Europe and the United States -- totalled 216 billion dollars, according to the customs authorities' data. This marked a slight increase from 212.4 billion dollars in the same period last year, according to previously released Customs figures. The previous monthly record surplus was 29.4 billion dollars in September. Qi of the State Information Centre said the latest figures offered some momentary relief for the Chinese government as it battles to limit the impacts of the global economic crisis at home. "A large trade surplus is what the government currently would like to see," she said. "It can reduce some pressure on the government's policy making if exports rebound." However the widening trade surplus could put pressure on China to raise the value of its currency, the yuan, which has stayed at roughly the same level against the dollar since April. US president-elect Barack Obama said during his campaign that China's huge trade surplus with the United States was related to its manipulation of its currency. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 5-Grim economy data throws spotlight on crisis summitReuters - 59 minutes ago China posts record trade surplus, despite global turmoilAFP - 1 hour 6 minutes ago Oil falls to $60 as China spending optimism wanesAP - 1 hour 24 minutes ago China: Protecting domestic economy is top priorityAP - 1 hour 27 minutes ago Related Articles: Business FTSE 100 down 102.36 at 4,301.56AP - 40 minutes ago Macau leader: No plans to help Sands' financingAP - 47 minutes ago Bertelsmann increases 9 month net profitAP - 49 minutes ago India's Reliance Pet may begin fuel exports in AprilReuters - 50 minutes ago Thai Shin Corp Q3 net profit surges, meets forecastReuters - 51 minutes ago Enlarge Photo China posts record trade surplus, despite global turmoil Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln Britney Spears's son hospitalized: statement US expands record bailout of insurance giant AIG AIDS vaccines: New hope for problem-plagued path MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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