China’s October imports and exports increased 4.7 and 11.4 percent, respectively, from a year earlier, reaching $179 billion and $237 billion.
According to official data showed on Saturday, the country’s exports continued to expand in October, the growth rate reached 19 months high, and imports also showed stable growth, as China’s economy continues to recover from the COVID-19 pandemic.
Exports in October continued to expand from an increase of 9.9 percent in September, beating analysts’ expectations of 9.3 percent. Imports slowed down from September’s leap of 13.2 percent and stabilized to 4.7 percent.
The surge in exports pushed the trade surplus to $58.44 billion, increased 34.9 percent compared to the same time last year. The surplus reached $37 billion last month.
However, analysts cautioned that China’s robust trade performance could come under pressure in November, as the second wave of coronavirus is sweeping through the rest of the world, and many major economies in Europe went back to lockdown.
In the first 10 months of 2020, China exported more industrial and electrical products and textile products. The exports of clothing, shoes, bags, oil, and steel saw different degrees of reduction.