BEI HU

The mainland's foreign trade pushed through the annual US$1 trillion mark for the first time last month, as robust exports outstripped slowing import growth.

Monthly exports reached a record US$60.9 billion last month, a 45.9 per cent increase over a year earlier, according to data from the Customs General Administration.

Combined with the 38.5 per cent growth in monthly imports to US$51 billion, the mainland saw its accumulated trade surplus this year widen by a further US$9.9 billion to US$20.8 billion.

While the country's breakneck economic growth has powered strong import surges by stimulating demand for energy, raw materials and machinery, the pace of import expansion slowed after macroeconomic controls were introduced in April to cool overheating sectors.

Galloping exports have kept the country's trade balance in positive territory since September, intensifying pressure for a yuan revaluation.

The mainland's foreign trade in the first 11 months was up 36.5 per cent year on year to US$1.03 trillion. Foreign-exchange reserves topped US$540 billion by the end of October, a Ministry of Commerce spokesman was quoted by Xinhua as saying yesterday.