China exports remain strong in October

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 BEIJING:

China’s exports posted strong growth again last month, extending an upward trend on the back of a consumption rebound among its major trading partners, official data showed Saturday.

Inbound shipments, however, cooled after a surge in September - with analysts expecting that a drop in import prices weighed on headline numbers. Although the coronavirus pandemic has battered countries worldwide, foreign trade in the world’s second-largest economy fared better than expected, buoyed by healthcare shipments.

Exports rose 11.4% on-year in October, customs data showed, better than the 8.9% growth predicted by a Bloomberg poll of economists.

This marks the fastest pace since March last year, supporting China’s economic recovery after lockdowns this year to curb the spread of Covid-19. Imports, meanwhile, grew 4.7%, short of the 8.8% on-year rise expected. The customs administration said Saturday that China’s exports of mechanical and electrical products rose in the first 10 months, as did outbound shipments of textiles including face masks, which rose around 35% from a year ago.

Tommy Xie, head of Greater China research at OCBC Bank, told AFP a key driver for October’s exports was shipments to the US, noting this could be due to “frontloading... partially because of concerns over a further escalation of tensions, and also ahead of the US elections”.

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