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China Focus: October export growth accelerates, imports steady (2)


11:35, November 11, 2012

Excavators for export are seen at a wharf in Lianyungang City, east China's Jiangsu Province, Nov. 10, 2012. 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. (Xinhua/Geng Yuhe)

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

China has targeted growth of 10 percent in total foreign trade this year, a figure that officials concede is going to be hard to achieve.

On the sidelines of the 18th National Congress of the Communist Party of China (CPC), Chen warned of lingering pressure on the country's foreign trade from weak global demand, rising domestic costs and growing trade protectionism.

However, in a sign that the worst might be over, the country's purchasing managers' index for the manufacturing sector continued to rebound in October and exceeded the boom-or-bust line of 50 percent for the first time since July.

Chen Hufei, a researcher at the Bank of Communications, expects export growth to keep picking up in the last quarter of the year, adding that imports will maintain single-digit growth.

China's trade volume with the European Union, its largest trade partner, fell 3 percent to 452.83 billion U.S. dollars in the first ten months, while trade with the United States, China's second-largest trade partner, climbed 9.1 percent to 396.09 billion U.S. dollars.

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

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