China’s trade surplus tops $1 trillion for a second year as October exports jump 35%
AI-related shipments drove Chinese exports up 35.2% year on year in October, beating forecasts, while imports surged 41.6%; the surplus for the year so far has passed $1 trillion again.
China’s exports rose 35.2% in October from a year earlier in US dollar terms, customs data showed on Tuesday, 10 November, extending a boom in shipments linked to artificial intelligence, Reuters reported. Economists polled by Reuters had expected 33.5%, after a 36.3% rise in September.
Imports accelerate too
Imports grew 41.6%, well above the 32% forecast and faster than September’s 31%. As a result, the monthly trade surplus narrowed to about $105.3 billion from $133.5 billion in September.
A trillion again
Even so, China’s cumulative surplus for January–October reached roughly $1.04 trillion, the second year in a row above the trillion-dollar mark, according to Reuters, AP and CNBC. The size of the surplus is likely to strengthen calls from trading partners for Beijing to rebalance its economy towards domestic consumption.
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