BEIJING - CHINA'S trade surplus is likely to hit another record in 2008 despite woes caused by the global slowdown, the nation's top economic planner said on Wednesday.

'We expect... the full-year trade surplus to exceed US$280 billion (S$408 billion), an increase of US$18 billion from 2007,' the National Development and Reform Commission said in a statement on its website.

Overall trade in 2008 is likely to exceed US$2.5 trillion, an increase of about 15 per cent from last year, the statement said. It did not provide a breakdown of exports and imports.

The trade surplus for the first 11 months of the year was US$256 billion, the customs authority said this month.

A surplus this year in excess of US$280 billion will mean it has increased 11-fold since 2003, reflecting the spectacular rise of China as an exporting powerhouse.

China's monthly trade surplus has reached record highs in recent months - hitting US$40.1 billion in November - but mainly because imports have dropped precipitously as the nation's own economy cools.

The commission warned in its statement that the outlook for 2009 was bleak because of the continued weakness of the global economy.

It said 2009 would see a drop in imports from developed economies, but argued next year would mean both opportunities and challenges.

'We must face the unfavourable factors squarely and acknowledge the importance and difficulty of maintaining stable growth in our foreign trade,' it said.

'We must also recognise the favourable factors and adopt measures to tackle the external shocks to our economy.' -- AFP