On June 7, 2024, a cargo ship was sailing to a foreign trade container terminal in Qingdao Port, Qingdao Port, China.
Cost Photos | Noor Photos | Getty Images
Data showed that China’s exports grew at the fastest pace in 19 months in October, significantly exceeding analysts’ expectations. The country’s customs agency on Thursday.
London Stock Exchange data showed that in U.S. dollar terms, exports in October increased by 12.7% compared with the same period last year, the highest growth since March 2023. In comparison, growth was 2.4% in September, 8.7% in August and 7% in July.
Analysts polled by Reuters expect exports to rise 5.2% year-on-year in October.
However, imports fell 2.3% in October, exceeding expectations. This compares to modest growth of 0.3% and 0.5% in September and August respectively. Analysts had previously forecast exports to fall 1.5% in October, according to a Reuters survey.
Bruce Pang, chief economist for Greater China, said: “The better-than-expected export data was due to improved weather conditions, continued price discounts to capture market share, and delays in shipments in October due to the traditional peak season before Christmas. .
The world’s second-largest economy has been grappling with weak domestic consumption and a lingering housing crisis, with exports a rare bright spot.
Since late September, Chinese officials have rolled out a series of stimulus measures, including interest rate cuts, lower cash reserve requirements for banks and easing rules on home purchases, in an effort to revive the struggling economy.
In October, Chinese factory activity expanded for the first time since April, with the official purchasing managers’ index coming in at 50.1, up from 49.8 in September and analysts’ expectations of 49.9.
A meeting of China’s National People’s Congress Standing Committee is underway and is expected to announce details of further fiscal stimulus at the end of Friday.
This is breaking news. Please check back for updates.
About The Author
