China October Trade Surplus Surges 23%

Nigel Thomas
10 Nov, 2010
New York City

China trade surplus in October rose 22.9% from a year ago as exports surged more than imports. The second largest monthly surplus in October trailed July surplus of $28.7 billion. For the ten months to October, surplus declined 6.7%.

[R]5:00 PM Hong Kong – China trade surplus in October rose 22.9% from a year ago as exports surged more than imports. The second largest monthly surplus in October trailed July surplus of $28.7 billion. For the ten months to October, surplus declined 6.7%.[/R]

China reported second largest monthly trade surplus in October as exports rose faster than imports.

Trade surplus increased to $27.1 billion and exports in the month increased 22.9% to $136 billion and imports soared 25.3% to $108.83 billion from a year ago according to the latest data released by the customs bureau.

Surplus in September was $16.88 billion and July surplus was the largest in the year at $28.73 billion.

Trade surplus in the first ten months declined 6.7% to 147.77 billion.

China also let the yuan rise 0.5% to 6.637 against the dollar and also tightened the bank reserves for the large eleven banks. The yuan has gained nearly 3% in the year against the dollar.

Bank of China Ltd, Agriculture Bank of China Ltd, Industrial and Commercial Bank of China Ltd and China Construction Bank Corp were among the banks that were asked to tighten the reserve ration by 35 to 50 basis points according to the sources at various banks.

For the first ten months the trade with the largest trading partner European Union increased 33% to $388.42 billion, with the U.S. rose 29.8% to $310.71 billion and with Japan rose 31.3% to $239.28 billion.