China's goods trade volume up 15.9 pct in Jan-Oct

  • China's goods trade volume up 15.9 pct in Jan-Oct

China's goods trade volume up 15.9 pct in Jan-Oct

Exports increased 11.7 percent to 12.41 trillion yuan, while imports surged 21.5 percent to 10.11 trillion yuan, the General Administration of Customs (GAC) said.

That left the country with a trade surplus of Dollars 39.17 billion for the month, according to a Reuters calculation using data from the Administration of Customs.

China's trade surplus with the USA was US$222.98bn in the first 10 months of the year, the customs department added.

Imports increased 15.9% from a year ago to 994 billion yuan, softening from September's pace of over 19%. But the surplus was still above recent trends and could keep trade tensions high, analysts say.

"Trump is in Asia, this may be the factor that would give China trade some hard time".

(L to R) U.S. Commerce Secretary Wilbur Ross, Chinese Vice Premier Wang Yang and China's Commerce Minister Zhong Shan attend a signing ceremony in Beijing, China, November 8, 2017. Expectations centred on a surplus of $39.5 billion versus September's $28.61 billion.

"The stronger yuan has more or less hurt exports", said Mr Zhu Qibing, chief macro-economy analyst at BOC International China in Beijing. But momentum has started to fade and analysts say the weaker trade partly reflect moderating external demand. The numbers mirror cooling growth in China's manufacturing sector, pointing to slackening demand at home and overseas.

China's exports grew at their weakest rate in eight months in October, while the expansion of imports also eased from the previous month.

Exports of machinery, electronics and labor-intensive products continued to expand in the first ten months, while the volume of steel exports dropped 30.4 percent year on year to 64.49 million tonnes.

At the recently-concluded Communist Party Congress President Xi Jinping emphasised quality over speed in fostering sustainable growth, while reinforcing a pledge to win the war on pollution and clamp down on riskier types of lending.