China October exports sharply beat estimates, imports decline more than expected
A cargo ship is sailing towards the docking of a foreign trade container terminal in Qingdao Port, Shandong province, in Qingdao, China, on June 7, 2024.
Costfoto | Nurphoto | Getty Images
China’s exports growth in October sharply beat analysts’ estimates, while imports declined more than expected, according to data from the country’s customs agency on Thursday.
Exports rose by 12.7% in October from a year ago in U.S. dollar terms, while imports declined by 2.3%, customs data showed.
Export growth was expected to have risen by 5.2% year on year in October in U.S. dollar terms, according to a Reuters poll. That compares with 2.4% in September, 8.7% in August and 7% in July.
Imports were anticipated to have declined by 1.5% from a year earlier, according to the Reuters poll. That compares with a modest growth of 0.3% in September and 0.5% in August. The last contraction was in June when import fell 2.3% on year.
The world’s second-largest economy has been grappling with weakening domestic consumption and a protracted property crisis, with exports being a rare bright spot.
Chinese officials has unveiled a flurry of stimulus measures since late September, including interest rate cuts, lower cash reserve requirements at banks and loosened property purchase rules, in a bid to revive the ailing economy.
In October, China’s factory activity expanded for the first time since April, with the official purchasing managers’ index coming in at 50.1, beating September’s 49.8 and analysts’ estimate of 49.9.
China’s parliament standing committee meeting is underway, with expectations that it will announce details about further fiscal stimulus when it concludes on Friday.
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