China’s exports rose 11.6 per cent while its imports increased by 4.6 per cent year on year in October as it recorded a better-than-expected trade surplus of USD 45.41 billion, boosting the country’s bid to contain slowdown of the world’s second largest economy.
The jump in exports by 11.6 per cent last month was slower than the 15.3 per cent rise in September, which was the fastest growth rate in 19 months, according to the official figures released here today.
Imports in October stood at USD 161.46 billion, up 4.6 per cent. Total exports and imports rose by 8.4 per cent to USD 368.33 billion, as trade surplus expanded to USD 45.
41 billion up 46.3 per cent, exceeding market expectations for a USD 42.3 billion surplus, according to a survey by Wall Street Journal.
“Imports and exports in October have both extended a growth trend from the previous month,” the General Administration of Customs said in a statement.
The good news for China is that its trade surplus continue to rise, which could enable it to aggressively address the slowdown with structural reforms.
In the first ten months of this year, China’s total exports and imports hit USD 3.53 trillion, up 3.8 per cent.
Trade surplus during the period stood at USD 277.11 billion, up 38.5 per cent year on year.
China has the largest foreign exchange reserves of USD four trillion and its GDP expanded 7.3 per cent from a year ago in the third quarter, compared with 7.5 per cent in the second quarter and 7.4 per cent in the first quarter of this year, official data showed.
According to forecasts China may miss the official GDP target of 7.5 per cent this year.
China’s growth continues to slowdown, reflecting policy efforts to rebalance the economy as the country works to implement reforms supporting more sustainable growth, the World Bank’s China Economic Update said.
According to the new trade data, during the Jan-Oct period, trade with the European Union, China’s largest trading partner, saw the fastest growth of 9.8 per cent, amounting to 3.12 trillion yuan.
Trade with the US, China’s second-largest trading partner, stood at 2.78 trillion yuan, up 5.5 per cent.
China-ASEAN trade went up 7.4 per cent to 2.4 trillion yuan.
Exports including machinery, garments, textiles, shoes, toys, plastics rose during the first ten months, while exports of electronic products, home furniture and vehicles fell, state-run Xinhua news agency reported.