China posts another record trade surplus in Nov 2008

China said on Wednesday its trade surplus hit a monthly all-time high of US$40.1 billion in November on the back of a drop in imports.

The customs authority said the surplus surged despite a 2.2 per cent decline in the value of Chinese exports to US$115 billion.

Xinhua news agency said it was the first time since June 2001 that exports saw a year-on-year drop.

That decline was more than offset, however, by a 17.9 per cent fall in imports.

The data marked the latest evidence that China's trade-reliant economy was being hit hard by the global financial crisis, which has shrunk demand for the country's manufacturers in export markets.

The trade surplus for the first 11 months of the year was US$256 billion,