China trade: export growth above expectations in October but ‘Covid-19 cases and chip shortages loom’

The country’s exports grew by 27.1 per cent in the month compared with a year earlier, down from 28.1 per cent growth in September

Economic indicators likely to drift lower in the last quarter of the year, analysts say

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China’s exports grew by 27.1 per cent in October compared with a year earlier, while imports rose by 20.6 per cent last month. Photo: Reuters

Published: 12:05pm, 7 Nov 2021Updated: 9:19am, 8 Nov 2021

Trade growth in China has proved resilient, with exports rising more than expected in October, according to data released on Sunday.

But downside risks were rising amid a resurgence in Covid-19 cases and computer chip shortages, analysts said.

China’s exports grew by 27.1 per cent in October from a year earlier to US$300.2 billion – compared with the 28.1 per cent growth seen in September. The result was above the median result of a survey of analysts conducted by Bloomberg, which had forecast 22.7 per cent growth.

Imports rose by 20.6 per cent in October from a year earlier to US$215.68 billion – up from the 17.6 per cent growth in September, according to data from China’s General Administration of Customs.

This was below the result of the Bloomberg survey, which had forecast 26.6 per cent growth.

China’s total trade surplus stood at US$84.54 billion in October, compared with a revised US$66.76 billion in September.

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