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China Trade Surplus Reaches Record High Despite Global Economic Woes

The government of China has reported that its trade surplus in October reached a monthly all-time high of US$35.2 billion, according to Agence France-Presse. The surplus reflects ongoing demand for China's exports outside the United States and Europe, as well as a marked slowdown in imports. Government officials say that exports to Africa, Latin America, and Russia are particularly strong; the nation's state-run Xinhua news agency says that exports to Latin America grew 52 percent in the first nine months of 2008, to US$111.5 billion. China's trade surplus for the first 10 months of 2008, according to customs authorities, was US$216 billion, a slight increase over the same period in 2007.

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