A US cargo ship is seen at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.
Johannes Eisele | AFP | Getty Images
China exports growth quickened to its highest in 19 months in October, while imports also showed solid growth, official data showed on Saturday, as the world’s second largest economy continued a recovery from the initial impact of the coronavirus crisis earlier this year.
Exports in October rose 11.4% from a year earlier, beating analysts’ expectations of a 9.3% increase and quickening from a solid 9.9% increase in September.
China’s exports have stayed largely resilient amid the Covid-19 global pandemic, as strong demand for medical supplies and reduced manufacturing capacity elsewhere worked in China’s favor.
Factory activity accelerated at the fastest pace in nearly a decade in October, a private survey showed, although the official survey pointed to some slowdown in the expansion. Export orders expanded.
However, analysts say China’s robust trade performance could come under pressure in coming months, as major European economies, including France, Germany and the United Kingdom, went back into lockdown as a second wave of coronavirus cases gathered strength.
Imports rose 4.7% year-on-year in October, slower than September’s 13.2% growth, and underperforming expectations in a Reuters poll for a 9.5% increase, but still marking a second straight month of growth.
The surge in exports pushed the trade surplus for October up to $58.44 billion, compared with the poll’s forecast for a $46 billion surplus and a $37 billion surplus in September.
China’s trade surplus with the United States widened to $31.37 billion in October from $30.75 billion in September.