China's exports grew 12.7% in October, fastest pace in more than 2 years
China has reported its exports rose 12.7% in October from a year earlier, the fastest monthly growth in more than two years
HONG KONG — China's exports rose 12.7% in October from a year earlier, the fastest monthly growth in more than two years, according to customs data released Thursday.
The report came a day after former President Donald Trump won Tuesday’s election, gaining a second term as president. Trump has pledged to increase tariffs on imports from China to 60%, adding to uncertainty over the outlook for exports to the U.S.
It showed imports fell 2.3% in October from a year earlier, while China’s trade surplus rose to $95.7 billion in October, up from $81.7 billion in September.
Exports far surpassed analyst’s estimates of about 5.5% growth and outpaced September’s growth of just 2.4%. It was the fastest expansion since July 2022.
The growth in October’s exports signaled sustained demand for Chinese goods abroad, while demand in the domestic market remains subdued.
China’s exports to Russia rose almost 27% from the same time last year, customs data showed, the fastest pace in 11 months. Exports to the U.S. increased by 8% year-on-year, while shipment to the European Union climbed nearly 13%.
China’s exports to the Association of Southeast Asian Nations (ASEAN) — China's largest trading partner by region — jumped 16%.
Economists say that the effect of higher tariffs under Trump would not take effect until next year.
“Although Trump’s proposed tariffs would hurt the export sector, their impact would be less significant than many fear –- we think they could lower export volumes by around 3% – and may not be felt until the second half of 2025,” Zichun Huang of Capital Economics said in a report.
“Meanwhile,
Read more on abcnews.go.com
