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Exports surge, but 2012 target may be difficult to reach

By Song Shengxia (Global Times)

10:02, November 12, 2012

China's exports surged by more than 11 percent in October, the fastest growth in five months, customs data showed over the weekend, adding to signs that the economy may be set for a mild recovery.

Although trade data has improved since September, it will still be difficult for the country to hit its annual trade target of 10 percent growth this year, the commerce minister said, with analysts agreeing.

Exports rose 11.6 percent year-on-year to $175.6 billion in October, the fastest pace since May and beating market expectations of around 9 percent growth, data from the General Administration of Customs showed Saturday.

Imports grew 2.4 percent from a year earlier to $143.6 billion in October. The surge in export growth brought the trade surplus to $32 billion in October.

"Export growth will continue to stabilize, imports will gradually improve with the mild recovery of the domestic economy, and the trade surplus will slightly narrow," Li Xunlei, chief economist at Shanghai-based Haitong Securities, told the Global Times in a research note Sunday.

Li forecast that China's trade may grow 8.5 percent this year, falling short of its target of 10 percent.

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