Economy

China's foreign trade surplus narrows

(Xinhua)
Updated: 2010-12-10 13:20

BEIJING - China's foreign trade grew strongly on a year-on-year basis in November, boosted by rising demand ahead of the Christmas shopping season, as the nation's trade surplus narrowed.

Related readings:  Foreign trade in Guangdong province up 30%  China's foreign trade in mineral products up 49%  Trade surplus to decline to $180b this year  China on right track in encouraging trade

China's exports rose 34.9 percent year on year in November to $153.33 billion while imports jumped 37.7 percent to $130.43 billion, the General Administration of Customs (GAC) said Friday.

The country's trade surplus fell to $22.89 billion last month from $27.1 billion in October.

The October surplus was the second highest of the year after July's $28.73 billion one.

Exports and imports totaled $283.76 billion last month - a new record high - compared with $273.09 billion in September, the GAC said in a statement on its website.

The higher-than-expected exports were a result of "seasonal factors,"  said Beijing-based Huarong Securities analyst Xiao Bo, referring to the increase in orders ahead of foreign countries' shopping seasons.

Xiao expects Chinese export growth to fall in early 2011 as imports increase at a steady pace, which will cause the nation's trade surplus to further shrink.

China's foreign trade totaled $2.68 trillion in the first 11 months of the year, up 36.3 percent year on year, the GAC said.

The European Union remained China's largest trade partner, with EU-China trade increasing 33.1-percent year on year in the first 11 months to $433.88 billion.

China's trade with the United States rose 30.2 percent year on year to $346.89 billion in the January-November period while China-Japan trade jumped 31.7 percent year on year to $267.79 billion.