US demand accelerates China’s exports
beijing — China’s export growth accelerated in October, boosting the total so far this year back above pre-coronavirus levels for the first time.
Exports in October rose 11.4 per cent over a year earlier to $237.2 billion, up from September’s 9.9 per cent gain, customs data showed on Saturday. Imports rose 4.7 per cent by value to $178.7 billion, decelerating from the previous month’s 13.2 per cent surge, though volumes of some goods increased.
China’s exporters have benefited from the relatively early reopening of the second-largest global economy and demand for masks and other medical supplies.
Exports for the first 10 months of 2020 rose 0.5 per cent over the same period a year earlier to $2 trillion, the first positive year-to-date figure. Exports have been bigger than the same month a year earlier since April, but after the first quarter’s 13.3 per cent contraction, total growth for 2020 was in negative territory until now.
In October, exports to the United States in October gained 22.5 per cent over a year ago to $43.8 billion, up from the previous month’s 20.5 per cent growth. Imports of American goods jumped 33.4 per cent to $12.5 billion, an increase from September’s 24.5 per cent growth.
China’s monthly global trade surplus swelled 35.8 per cent over a year earlier to $58.4 billion, one of its biggest on record. The politically-sensitive trade gap with the United States expanded 18.5 per cent to $31.4 billion.
Automakers and other large manufacturers are back to normal activity, helping to drive demand for imported iron ore, copper and other industrial materials.
Imports have fallen by value after weak demand caused prices of oil and other commodities to plunge. But volumes of foreign food and other goods bought by Chinese factories and consumers have risen.
Exports to the 27-nation European Union fell 21 per cent in October to $22.7 billion. Imports of European goods sank 20.4 per cent to $33.6 billion. China’s surplus with the EU widened by 149 per cent over a year ago to $33.3 billion. —