China Exports Growth Fastest In More Than 2 Years; Imports Fall
2024-11-01
1977
(fxcue news) - China's exports expanded the most in more than two years in October, while imports declined at a sharper-than-expected pace due to weaker domestic demand, official data showed Thursday.
Exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month. Economists had forecast imports to drop 1.5 percent.
As a result, the trade surplus surged to $95.7 billion from $81.7 billion in the previous month and remained well above economists' forecast of $73.5 billion.
In recent years, exports acted as the major growth driver, while weak domestic activity and the property market downturn damped consumption.
Donald Trump's second term as the US President is likely to pose headwinds to Chinese trade. In his pre-election campaign, Trump vowed to impose tariffs of between 60 and 100 percent on Chinese imports.
Capital Economics' economist Zichun Huang said shipments are expected to stay strong in the coming months and any drag from potential Trump tariffs may not materialize until the second half of next year.
Further, imports likely to rise further in the short run as accelerated fiscal spending shores up demand for industrial commodities, the economist added.
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