Ex­ports, im­ports spring Oc­to­ber sur­prise

Shanghai Daily - - TOP NEWS - (Xin­hua)

CHINA’S ex­ports and im­ports both recorded un­ex­pect­edly strong growth in Oc­to­ber, a sign that the econ­omy re­mained re­silient de­spite grow­ing ex­ter­nal un­cer­tain­ties.

Ex­ports in yuan-de­nom­i­nated terms rose 20.1 per­cent year on year in Oc­to­ber, sharply up from the 17 per­cent growth seen in Septem­ber, ac­cord­ing to data re­leased by the General Ad­min­is­tra­tion of Cus­toms.

The data showed im­ports surged 26.3 per­cent last month, also quick­en­ing from a rise of 17.4 per­cent reg­is­tered in Septem­ber. As a re­sult, trade sur­plus stood at 233.63 bil­lion yuan (US$33.7 bil­lion) last month, widen­ing from 213.23 bil­lion yuan in Septem­ber.

For the first 10 months of the year, China’s for­eign trade to­taled 25.05 tril­lion yuan, up 11.3 per­cent from the same pe­riod last year. The trade sur­plus for the first 10 months nar­rowed 26.1 per­cent year on year to 1.65 tril­lion yuan.

An­a­lysts said the strongerthan-ex­pected trade growth is partly caused by “front­load­ing ac­tiv­ity” as ex­porters ramp up ship­ments amid trade un­cer­tain­ties.

Hu­atai Se­cu­ri­ties an­a­lysts noted a lower com­par­a­tive base from last year and a weaker yuan, as well as that China’s closer eco­nomic and trade ties with coun­tries in the Asia-Pa­cific re­gion and along the Belt and Road also led to the strong growth.

Oc­to­ber marked the first full month after the lat­est US tar­iffs on Chi­nese goods came into ef­fect.

For the first 10 months, China’s for­eign trade with the United States, its se­cond-big­gest trade part­ner, rose 7.4 per­cent. Its sur­plus with the United States widened 11.5 per­cent from one year ear­lier to 1.69 tril­lion yuan.

Trade with the Euro­pean Union, China’s big­gest trade part­ner, climbed 8.4 per­cent year on year for Jan­uary-Oc­to­ber, and that with the ASEAN, its third-largest trade part­ner, ex­panded 13.7 per­cent.

Com­bined trade with coun­tries along the Belt and Road amounted to 6.84 tril­lion yuan, up 14.8 per­cent from one year ear­lier.

Yingda Se­cu­ri­ties chief econ­o­mist Li Dax­iao said a string of fa­vor­able poli­cies, in­clud­ing lower im­port tar­iffs and higher ex­port tax re­bates, also helped boost trade growth and sta­bi­lize the eco­nomic growth.

The coun­try’s econ­omy ex­panded 6.5 per­cent in the third quar­ter, down from 6.7 per­cent in the se­cond quar­ter but in line with the govern­ment’s annual tar­get. Its im­ports of crude oil climbed 8.1 per­cent year on year to 377 mil­lion tons in the first 10 months. Coal im­ports in­creased 11.5 per­cent while those of cop­per surged 17.2 per­cent. How­ever, auto im­ports dropped 5.3 per­cent com­pared with one year ear­lier.

China has vowed to im­port US$40 tril­lion worth of prod­ucts and ser­vices in the next 15 years.

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