China's Trade Surplus Widens in October

China recorded a trade surplus of $17.03 billion in October, as exports rose 15.9 percent year-on-year to $157.49 billion, while imports increased 28.7 percent to 140.56 billion, according to the General Administration of Customs. The trade surplus was $14.51 billion in September., General Administration of Customs 11/10/2011 10:54:04 AM

Compared with the previous month, the value of China's foreign trade fell 8.3 percent, of which exports declined 7.2 percent, while imports fell by 9.5 percent.

During the first 10 months, the value of China's foreign trade increased 24.3 percent year-on-year to $2.98 trillion, exceeding the full year 2010 figure of $2.97 trillion, the previous record high.

Of the total, exports rose 22 percent year-on-year to $1.55 trillion, while imports hit $1.43 trillion, up 26.9 percent. The trade surplus for the first 10 months fell 15.4 percent year-on-year to $124.02 billion.

Seven provinces, including Guangdong and Jiangsu, accounted for more than 80 percent of the country’s total foreign trade, while the central and western parts of China recorded significant increases in exports.

During the same period, China exported $882.45 billion worth of electromechanical products, an increase of 17.6 percent year-on-year, of which electrical and electronic products accounted for $360.87 billion, up 16.6 percent.

Exports of machinery and equipment totaled $289.63 billion, up 15.5 percent year-on-year, while exports of textiles rose 25.2 percent to $78.35 billion.

Iron ore imports during the first 10 months totaled 560 million tons, an increase of 10.9 percent year-on-year. The average import price was $166.7 per ton.

Imports of soybean fell 5.4 percent to 41.52 million tons, while the average import price hit $573.9, up 29.7 percent.

China imported 13.16 million tons of steel products, down 3.5 percent year-on-year. The average import price rose 13.9 percent to $1,383.4 per ton.

China imported 820,000 automobiles during the first 10 months, an increase of 27.6 percent year-on-year.