China's trade surplus at record $29.3 billion in September

Mumbai: China posted a record $29.3 billion trade surplus in September, helped by a steep fall in its oil import bill and a fall in commodity prices, amidst global worries of a slowdown.

While export growth has been above market expectations, the figures only offered a picture of trade flows before the credit crisis rocked financial markets and investor confidence around the world.

Exports rose 21.5 per cent in September from a year earlier, against 21.1 per cent in August. Imports rose 21.3 per cent, nearly half the growth rate early in the year when global commodity prices were near records.

The record trade surplus could ease worries off cutting taxes and boosting government spending to support growth, after China's economic growth slowed to 10.1 per cent in the second quarter from 11.9 per cent in 2007.

China could, however, face fresh US demands to speed the yuan's rise as the 12-month trade surplus rose to about $257.3 billion from $251.9 billion in August. That is, however, lower than the full-year 2007 surplus of $262.2 billion.