Chinese exports surge in November

| December 13, 2010 | 0 Comments

Figures today revealed Chinese exports surged 34.9% in November on an annual basis - much higher than the 25% expected by economists and far higher than the 25% increase the previous month.

In the meantime, imports also surged - up 37.7% on an annual basis, taking the country’s controversial trade surplus to $23 billion - up 15% versus a year ago.

China’s trade with the US grew 30.2% on year to $346.89 billion, while trade with Japan surged 31.7% on an annual basis.

The figures come as China’s National Bureau of Statistics (NBS) revealed the consumer price index rose 5.1% in November on an annual basis – much faster than expected.

It represented the fastest increase since July 2008 – when inflation exceeded the 6% mark.

Inflation is still well in excess of the 3% target set by the Government.

Last month, the Government announced measures to deal with double-digit food price inflation. It has already lifted interest rates – the first time since 2007 such a move was made in order to curb high inflation.

Many economists are now predicting that the People’s Bank of China will lift rates further in the short-term.

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