China Exports Growth Fastest In More Than 2 Years; Imports Fall
07 Novembre 2024 - 1:54AM
RTTF2
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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