China’s overseas shipments held up, underpinned by robust global demand, while buoyant imports showed the continued strength of the domestic economy.
Key Points
- Exports increased 6.9 percent in dollar terms in October from a year earlier, the customs administration said Wednesday
- Imports advanced 17.2 percent year-on-year
- Trade surplus was 254.5 billion yuan ($38.3 billion)
Big Picture
As U.S. President Donald Trump arrives in Beijing Wednesday focused on trimming his nation’s trade deficit with China, there’s little sign of a full-scale trade war between the world’s two largest economies. Buoyant global growth is driving demand for Chinese exports, while a broader shift to a consumption-driven economy at home is supporting import growth.
Economist Takeaways
“The stronger yuan has more or less hurt exports,” said Zhu Qibing, chief macro-economy analyst at BOC International China Ltd. in Beijing. “Global demand edged down last month but the overall trend is steady throughout next year. External demand will continue to support China’s economy.”
The Details
- The trade surplus against the U.S. was $26.6 billion in October
