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China's trade booms but surplus adds currency pressure
By Wang Yanlin |
November 10, 2010, Wednesday
|
Online Edition
Online Edition
CHINA'S trade value in the first 10 months surpassed the whole of last year, reflecting a sound recovery in the country's cross-border deals. But surplus rebounded unexpectedly last month, adding pressure on the yuan's appreciation.
Bilateral trade value through October amounted to US$2.39 trillion, up 36.3 percent from a year earlier, the General Administration of Customs said today. It beat US$2.21 trillion in trade value for 2009 as a whole.
Trade surplus in October, however, rose 61.3 percent from a month earlier to US$27.1 billion, exceeding a market expectation of US$25 billion.
"China has been trying hard to balance its trade structure and increase imports," said Xue Jun, an analyst at the CITIC Securities Co. "The unexpected rise of trade surplus in October may be temporary."
China's exports last month advanced 22.9 percent year-on-year to US$135.9 billion, 2.2 percentage points slower than the pace in September. Imports, on the other hand, jumped an annualized 25.3 percent to US$108.8 billion, with the pace up 1.2 percentage points from the previous month.
Surplus stood at US$16.8 billion in September, US$20 billion in August and US$28.7 billion in July.
Bilateral trade value through October amounted to US$2.39 trillion, up 36.3 percent from a year earlier, the General Administration of Customs said today. It beat US$2.21 trillion in trade value for 2009 as a whole.
Trade surplus in October, however, rose 61.3 percent from a month earlier to US$27.1 billion, exceeding a market expectation of US$25 billion.
"China has been trying hard to balance its trade structure and increase imports," said Xue Jun, an analyst at the CITIC Securities Co. "The unexpected rise of trade surplus in October may be temporary."
China's exports last month advanced 22.9 percent year-on-year to US$135.9 billion, 2.2 percentage points slower than the pace in September. Imports, on the other hand, jumped an annualized 25.3 percent to US$108.8 billion, with the pace up 1.2 percentage points from the previous month.
Surplus stood at US$16.8 billion in September, US$20 billion in August and US$28.7 billion in July.
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