China's Trade Data Exceeded Expectations in October
China reported stronger than expected growth in exports and imports in October, suggesting Beijing's growth-boosting measures to support the cooling economy may be slowly starting to make themselves felt.
According to Customs data, exports grew by 15.6% per annum in dollar terms in October, after rising by 14.5% in September. Economists had forecast a less significant increase by 11%. Import grew by 21.4% yoy, exceeding expectations for growth of 14%.
While the monthly surplus has eased to $31.78 billion in October from a record $34.13 billion in September, it remains elevated by historical trends. For trade with all countries, China's surplus was around $34 billion for October, compared with forecasts of $35 billion and September's $31.69 billion. For the first 10 months of the year, China's surplus with the United States, its largest export market, totaled $258.15 billion, widening sharply from $222.98 billion in the same period last year.
The China’s upbeat trade data for October offer good news for the country's policymakers after the economy logged its weakest growth since the global financial crisis in the third quarter. China has already reported a slower-than-expected economic growth of 6.5% in the third quarter of this year, the weakest pace since the first quarter of 2009.