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China posts record trade surplus despite global supply-chain woes

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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.

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