News & Reports News Year 2010 December , 2010 China exports, imports hit record highs

China exports, imports hit record highs


13december2010-6
Chinese customs authorities have officially announced that the country's rate of exports and imports hit record highs last month.

Exports increased 34.9 percent in November from a year earlier to 153.3 billion dollars, while imports also rose 37.7 percent to 130.4 billion dollars.

The increases trounced analyst forecasts for 22.4 percent growth, while the values were record highs for a single month, the customs authorities said.

Analysts said the data showed the Chinese economy remained in good shape despite sluggish growth in the United States and the worsening European debt crisis.

"It
is increasingly difficult to argue that China's export sector cannot tolerate some currency appreciation, a move which would also help Beijing get price pressures under control," Brian Jackson of Royal Bank of Canada said.

"The strength of domestic demand also suggests that rate hikes are needed to keep China's economy on an even keel," Jackson was quoted as saying by AFP on Friday.

The data comes ahead of the release of key economic figures for November on Saturday, including inflation, and as top leaders meet for the annual Central Economic Work Conference to discuss policies for the next year.