China Trade Surplus Surged to Another Record $133.6 billion Thru Oct.
China's trade surplus surged to a record
$23.8 billion in October, extending the surplus from September's $15.3
billion, according to the the customs bureau. The surplus in October was
27% more than the previous high of $18.8 billion in August.
Exports in October totaled $88.1 billion, up 29.6% from the same month last year, while imports rose 14.7% to $64.3 billion, the customs agency said. October imports growth was the slowest pace in 15 months.
China's total surplus for the first 10
months of the year reached $133.6 billion, exceeding the $102 billion
surplus for all of 2005.
China's large trade surplus helped drive the nation's foreign exchange reserves to almost $1 trillion, a big source of cash into the banking system, which in turn is being lent out for new factories and real estate projects.
China's trade surplus typically widens in the fourth quarter as retailers in the U.S., Europe and across Asia stock up on Chinese-made electronics, toys and clothes ahead of Christmas.
