Supported by the economic recovery, China’s exports rose for two consecutive months in October, and the annual growth rate continued to hit a record high for more than one and a half years. However, the growth rate of imports was far below expectations.
The General Administration of Customs of China announced that in US dollars, exports in October increased 11.4% year-on-year, far higher than the expected 9.3%, and set the highest growth rate since March 2019.
Imports in October increased by 4.7% year-on-year, far below the expected 9.5%, and also far below the 13.2% increase in September, but the number is still the second consecutive month of growth.
The trade surplus in October was 58.44 billion U.S. dollars, an increase of 38.1% year-on-year, and the market expected 46 billion U.S. dollars.
In October, China exported 43.83 billion U.S. dollars to the United States and imported 12.46 billion U.S. dollars. In the first 10 months of this year, cumulative exports were 353.85 billion U.S. dollars and imports were 103.9 billion U.S. dollars. According to Reuters’ calculation, China had a surplus of US$31.37 billion with the United States in October, and the cumulative surplus of the first 10 months was US$249.95 billion.
In addition, in yuan terms, exports in October were 1.62 trillion yuan, an increase of 7.6% year-on-year; imports were 1.22 trillion yuan, an increase of 0.9%; the trade surplus was 401.75 billion yuan, an increase of 34.9%.
In addition, in the first 10 months of this year, in terms of U.S. dollars, China’s total import and export value was 3.71 trillion U.S. dollars, down 0.8% year-on-year. Among them, exports were US$2.05 trillion, an increase of 0.5%; imports were US$1.66 trillion, a decrease of 2.3%; the trade surplus was US$384.5 billion, an increase of 14.2%.
In RMB terms, in the first 10 months, China’s exports to the United States were 2.48 trillion yuan, an increase of 3.6%; imports from the United States were 725.65 billion yuan, an increase of 5.2%; the trade surplus with the US was 1.75 trillion yuan, an increase of 3%.