China's October exports surge 35.2%, imports up 41.6% year-on-year
China's October trade data shows exports rose 35.2% and imports jumped 41.6% year-on-year, both beating market expectations. The trade surplus was US$105.3 billion, below forecasts, while ASEAN remained the top trading partner.
China's exports in October rose 35.2 per cent year-on-year in US dollar terms, exceeding market expectations of 33.5 per cent, according to the General Administration of Customs. Imports surged 41.6 per cent year-on-year, the fastest pace in nearly five and a half years and also above the forecast of 32 per cent. On a monthly basis, exports fell 7.8 per cent and imports dropped 2.2 per cent.
The trade surplus for October stood at nearly US$105.3 billion, below the expected US$125.8 billion. For the first ten months of the year, China's exports rose 22.7 per cent year-on-year and imports increased 29 per cent.
ASEAN remained China's largest trading partner, with exports to the bloc up 30.5 per cent year-on-year and imports from ASEAN rising 28.1 per cent. Exports to the United States grew 12.1 per cent, while imports from the US increased 7.8 per cent. Exports to Hong Kong rose 50.3 per cent, and imports from Hong Kong jumped about 106 per cent.
In renminbi terms, China's exports in October rose 28.7 per cent year-on-year but fell 8 per cent month-on-month. Imports increased 34.7 per cent year-on-year but dropped 2.5 per cent month-on-month. The trade surplus was nearly 712.8 billion yuan.