Home Industry News China posts record trade surplus despite global supply-chain woes

China posts record trade surplus despite global supply-chain woes

-

China posted a record monthly trade surplus in October as exports surged despite global supply-chain disruptions.

Exports rose 27.1% in dollar terms last month from a year earlier to $300.2 billion, data from the General Administration of Customs showed Sunday. That was the 13th straight month of double digit growth, and exceeded economists’ expectations of a 22.8% gain. Imports increased 20.6%, leaving a trade surplus of $84.54 billion.

China’s trade growth has remained well above pre-pandemic levels all year. Its exports through October have already surpassed all of 2020. The strong trade performance is providing support for a Chinese economy that’s slowed sharply in recent months due to weak domestic demand caused by a real estate downturn, electricity shortages that have slowed industrial output, and weak consumer spending worsened by sporadic outbreaks of the coronavirus.

Related Posts

Latest Updates

Bureau Veritas hit by cyberattack on cybersecurity system

French firm Bureau Veritas, which specialises in laboratory testing, inspection and certification services, has reported a cyberattack that affected its cybersecurity system.The security breach...
X