BEIJING (Reuters) – China’s exports grew at the fastest pace in 19 months in October, while imports also rose, official data showed Saturday, as the world’s second-largest economy recovery continues after being hit hard by the coronavirus crisis earlier this year.
Exports in October rose 11.4% from a year earlier, beating analysts̵7; expectations for a 9.3% increase and faster than a 9.9% gain in September.
The surge in exports pushed the trade surplus in October to $ 58.44 billion, compared with the poll’s forecast of a surplus of $ 46 billion and a surplus of $ 37 billion in September.
China’s trade surplus with the United States rose to $ 31.37 billion in October from $ 30.75 billion in September.
China’s exports remain largely resilient in the wake of the global epidemic COVID-19, as strong demand for medical supplies and reduced production capacity elsewhere is in favor of China. .
Liu Xuezhi, an expert at the Media Bank of Shanghai, said: “Export growth grew even faster and exceeded expectations significantly, showing a relatively strong dynamic.
Chinese exports may continue to surge during the remainder of 2020 as domestic firms continue to produce faster than their global competitors and sell more COVID-19 related goods such as exports. page, Mr. Liu said.
However, some analysts said exports could come under pressure in the coming months, as Europe’s major economies, including France, Germany and the UK, return to lockdown. the second wave of coronavirus cases concentrates strength. For almost a decade in October, a separate survey showed, though the official survey did indicate some slowdown in expansion. Export orders are expanded.
Imports rose 4.7% year-on-year in October, slower than September’s 13.2% rise and fell short of expectations in a Reuters poll of a 9.5% increase, but still hit. sign for the second consecutive month of growth.
Chinese airlines are dodging some Airbus deliveries AIR.PA aircraft, citing concerns about coronavirus infecting their staff during the latest controversy over efforts to keep deliveries delayed on schedule despite the pandemic, industry sources said.
Strong trade performance could provide an impetus for a broader economic recovery for China, which has gained strength after a sharp decline earlier this year, analysts say. .
China’s economy grew 4.9% in the third quarter from a year earlier, but growth may slow to just over 2% this year – the weakest point in more than three decades but still much stronger. compared with other major economies.
“China has recovered better from the pandemic and has a comparative advantage, so they have won a larger market,” said Zhou Hao, an economist at Commerzbank bank in Singapore.
“Of course, this advantage is only temporary and can last until the end of the year”.
The report by Tina Qiao and Kevin Yao; Edited by Simon Cameron-Moore