China's exports grew 12.7% in October, fastest pace in more than 2 years

Date:

Share post:


HONG KONG — China’s exports rose 12.7% in October from a year earlier, the fastest monthly growth in more than two years, according to customs data released Thursday.

The report came a day after former President Donald Trump won Tuesday’s election, gaining a second term as president. Trump has pledged to increase tariffs on imports from China to 60%, adding to uncertainty over the outlook for exports to the U.S.

It showed imports fell 2.3% in October from a year earlier, while China’s trade surplus rose to $95.7 billion in October, up from $81.7 billion in September.

Exports far surpassed analyst’s estimates of about 5.5% growth and outpaced September’s growth of just 2.4%. It was the fastest expansion since July 2022.

The growth in October’s exports signaled sustained demand for Chinese goods abroad, while demand in the domestic market remains subdued.

Economists say that the effect of higher tariffs under Trump would not take effect until next year.

“Although Trump’s proposed tariffs would hurt the export sector, their impact would be less significant than many fear –- we think they could lower export volumes by around 3% – and may not be felt until the second half of 2025,” Zichun Huang of Capital Economics said in a report.

“Meanwhile, Trump’s return could create a short-term boost to Chinese exports as U.S. importers increase their purchases to get ahead of the tariffs,” Huang said.

Beijing is expected to unveil a long-awaited stimulus package on Friday during a top legislative body meeting aimed at revitalizing the economy amid deflationary pressures and lackluster consumer spending.

China’s leaders have been struggling to rev up the economy since the COVID-19 pandemic ended.

The U.S. and Europe recently raised tariffs on China’s exports of electric vehicles and other products, darkening the outlook for China’s trade as an engine of growth. A prolonged slump in the property industry also remains a major drag on the Chinese economy.

Chinese policymakers have already announced a slew of measures to boost the economy, including frontloading 200 billion yuan ($28.2 billion) from next year’s budget for spending and construction projects.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war

WASHINGTON -- Russia's third largest bank, Gazprombank and its six foreign subsidiaries were hit with U.S. sanctions...

Kenya cancels airport and energy deals with Adani group after the U.S. indicts the tycoon

NAIROBI, Kenya -- Kenya’s president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with...

North Korea and Russia agree to expand their economic cooperation

SEOUL, South Korea -- North Korea and Russia reached a new agreement for expanding economic cooperation following...

Stock market today: Asian shares mostly slip despite Nvidia's solid earnings report

TOKYO -- Asian shares were mostly lower on Thursday after a mixed close on Wall Street, with...

Feds outline 'necessary steps' for Colorado River agreement by 2026 but no recommendation yet

LAS VEGAS -- Federal water officials made public on Wednesday what they called “necessary steps” for seven...

A social media ban for children younger than 16 is introduced in Australia's Parliament

MELBOURNE, Australia -- Australia’s communications minister introduced a world-first law into Parliament on Thursday that would ban...

As US ramps up nuclear power, fuel supplier plans to enrich more uranium domestically

OAK RIDGE, Tenn. -- A supplier of fuel for nuclear power plants announced a $60 million expansion...

How major US stock indexes fared Wednesday, 11/20/2024

U.S. stocks drifted to a mixed finish, though the modest moves for indexes masked some thrashing underneath...