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China's exports accelerate by 11.6% in October  Join our daily free Newsletter

MENAFN - 10/11/2012

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(MENAFN) An official report showed that China's October exports grew at a faster pace, while imports held steady, indicating that the world's second largest economy is stabilizing, Reuters reported.

According to customs data, China's exports increased by 11.6 percent last month year-on year. That was faster than market estimates at 9 percent and stronger than the 9.9 percent annual increase recorded in September.

October imports grew by 2.4 percent from a year earlier, which was lower than market expectations for a 3.1 percent increase but maintaining the same pace of growth as September.

The trade surplus hit USD32 billion last month, higher than a forecast of USD26.9 billion and higher than USD27.7 billion recorded in September.

China's Commerce Minister Chen Deming, on the sidelines of China's Communist Party congress, said it would be difficult for China to hit a 2012 target to grow total trade by 10 percent.

The central government has disclosed a number of measures to help reduce the burden on exporters and importers, such as urging faster payment of tax rebates, cutting red tape and providing easier access for export companies to bank loans.

The Finance Ministry had also said it would suspend administrative customs fees for all goods coming in and out of China for the rest of this year to cushion the impact from the global economic downturn.

 






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