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China's exports continued to
expand in October, the growth rate reached 19 months high, and imports
also showed stable growth, official data showed on Saturday, as the
country's economy continues to recover from the pandemic.
China's October exports and
imports increased 11.4 and 4.7 percent, respectively, from a year
earlier, reaching $237 billion and $179 billion.
Exports in October continued to
expand from an already solid increase of 9.9 percent in September,
beating analysts' expectations of 9.3 percent. Imports however slowed
down from September's big leap of 13.2 percent, and stabilized to 4.7
percent, still marking the second straight month of growth.
After bottomed in February this
year when the pandemic just broke out and China imposed travel
restrictions to control the breakout, China's exports quickly rebounded
and have maintained resilient since, from the strong demand for medical
supplies from the rest of the world.
The surge in exports pushed the
trade surplus to $58.44 billion, increased 34.9 percent compared to the
same time last year. The surplus stood at $37 billion last month.
"Exports growth quickened
further and significantly exceeded expectations, indicating a relatively
strong momentum," said Liu Xuezhi, an analyst at Bank of Communications
in Shanghai.
China's exports could stay
strong in the rest of 2020 as domestic firms resume production faster
than global rivals and sell more COVID-19 related goods such as face
masks, Liu said.
However, some analysts cautioned
that China's robust trade performance could come under pressure in
November, as the second wave of coronavirus is sweeping through the rest
of the world, and many major economies in Europe went back to lockdown.
In the first 10 months of 2020,
China exported more industrial and electrical products and textile
products. The exports of clothing, shoes, bags, oil, and steel saw
different degrees of reduction.
ASEAN became China's largest
trading partner in the first 10 months of 2020, followed by the EU, the
U.S., Japan, and South Korea.
China's trade surplus with the
U.S. widened to $31.37 billion in October from $30.75 billion last
month.
Source: CGTN |
