China’s exports surged unexpectedly last month, as pace of import growth cooled off
- China’s exports grew by 11.4 per cent in October from a year earlier while imports grew by 4.7 per cent
- In the month before the election China’s trade surplus with the United States was 46.5 per cent higher than the day Donald Trump took office
China’s exports surged unexpectedly last month, as the pace of import growth cooled, data released by the country’s customs agency on Saturday showed.
Exports grew by 11.4 per cent last month, compared to a year earlier. This was faster growth than in September, when exports rose by an 18-month high 9.9 per cent. October’s figure was above the 9.2 per cent forecast of a Bloomberg poll of analysts and was again the highest monthly growth rate since March 2019, when exports surged 14.2 per cent.
The country’s trade balance stood at US$58.44 billion, up from US$37 billion in September. The 38.1 per cent increase came amid surging exports and a dip in import growth.
A minor slowdown had been telegraphed in multiple data points. In the official manufacturing purchasing managers’ index for last month, factory owners’ expectations of export orders had plateaued after months of surging through the summer.
But those expectations were shattered by the strongest monthly export growth since before the pandemic. Exports to major trading partners, including the United States, European Union and Asean, all grew strongly. Meanwhile shipments of medical goods and electronic goods continue to power the Chinese economy.