Chinese trade surplus widens unexpectedly in October

7th Nov 2024 13:03

(Sharecast News) - China's merchandise trade surplus widened unexpectedly in October amid brisk growth in the country's exports.

According to Chinese Customs Administration data, export values recorded year-on-year growth of 12.7%, which was up from 2.4% in September (consensus: 5%).

That was the quickest pace in over two years and pushed the surplus from $81.71bn to $95.27bn (consensus: $75.1bn).

Imports meanwhile shrank at annual pace of 2.3% in US dollar terms (consensus: -2.1%).

Commenting on the latest export data, Zichun Huang, China economist at Capital Economics, noted how export volumes had also increased.

In a research note sent to clients, Huang also said he expected shipments to remain strong in coming months, as "any drag from potential Trump tariffs may not materialise until the second half of next year."

"Import volumes ticked up last month and are likely to rise further in the short run as accelerated fiscal spending shores up demand for industrial commodities."