BEIJING (Reuters) – China’s exports rose the fastest in 19 months in October, while imports also rose, official figures showed on Saturday, as the world’s second-largest economy recovered in the wake of the coronavirus crisis earlier this year.
Exports in October rose 11.4% from a year earlier, boosting analysts’ expectations by 9.3% and solid growth of 9.9% in September.
The trade surplus in October was pushed to 44 44 billion due to an increase in exports compared to the forecast of billion 2 billion in September and a surplus of $$ 2 billion.
China’s trade surplus with the United States rose to .3 31.37 billion in October from. 30.75 billion in September.
China’s exports have remained largely resilient amid the Kovid-19 global epidemic due to strong demand for medical supplies and low production capacity in favor of China elsewhere.
Liu Xuzi, an assistant at Bank Quick F Communications in Shanghai, said export growth was faster and expectations exceeded significantly, showing a relatively strong momentum.
Liu said local companies could start production faster than global competitors and sell more COVID-19 related goods, such as face masks, so China’s exports could remain strong for the rest of 2020.
However, some analysts said exports could come under pressure in the coming months, as major European economies, including France, Germany and the United Kingdom, went back into lockout as strength accumulated along the length of the second case of coronavirus. Factory activity accelerated rapidly in October for almost a decade, a private survey showed, although the official survey pointed to a slight slowdown in expansion. Export orders extended.
Imports rose 7.7% year-on-year in October, slower than September’s growth of 1.2.5% and an increase of Re..5% higher than expected in Reuters polls, but still showing second-month growth.
Chinese airlines are avoiding some deliveries of Airbus AIRPA The plane, citing fears of coronavirus infection for its staff in a recent scuffle over efforts to keep delayed deliveries on track despite the epidemic, industry sources said.
Analysts said solid trade performances could accelerate China’s broader economic recovery, which has gained momentum after suffering a deep recession earlier this year.
China’s economy grew by%%% in the third quarter a year ago, but this year growth could slow to just under 2% – the weakest in three decades but still stronger than other major economies.
“China has a better recovery from the epidemic and has a comparative advantage, so it has a bigger market,” said Zhou Hao, an economist at Commerzbank in Singapore.
“Of course, this benefit is also temporary and may last until the end of the year.”
Reported by Tina Kiao and Kevin Yao; Edited by Simon Cameron-Moore
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