China trade data over the weekend - exports beat expectations in October, and a record trade surplus

China’s exports +27.1% y/y in October

• expected was +22.7%, so a handy beat indeed.
• prior was +28.1%
• exports for January - October 2021 are already above all of 2020, the external sector  has held in well to make up for softer domestic demand in the earlier months of this year

Imports in October +20.6% y/y

• expected +26.6%
• prior +17.6%
• coal imports were up nearly 100% y/y as the power sector trie to recover from shortages

The trade balance for the month was a surplus of US$84.54 bn, this is fresh record high surplus for a month.

• prior was a revised US$66.76 bn

China's trade surplus with the United States was US$40.75 bn in October

• prior was US$42 bn
• For the first ten months of the year, the surplus was $320.67 bn.

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November 08, 2021 at 09:07AM
Eamonn Sheridan
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