China exports hold up as international demand remains resilient

China's overseas shipments held up, underpinned by robust global demand, while buoyant imports showed the continued strength of the domestic economy.
China's overseas shipments held up, underpinned by robust global demand, while buoyant imports showed the continued strength of the domestic economy.PHOTO: REUTERS

BEIJING (BLOOMBERG) - China's overseas shipments held up, underpinned by robust global demand, while buoyant imports showed the continued strength of the domestic economy.

Exports increased 6.9 per cent in dollar terms in October from a year earlier, the customs administration said on Wednesday (Nov 8). Imports advanced 17.2 per cent year-on-year.

The trade surplus was 254.5 billion yuan (S$52.27 billion).

As US President Donald Trump arrives in Beijing on Wednesday focused on trimming his nation's trade deficit with China, there's little sign of a full-scale trade war between the world's two largest economies. Buoyant global growth is driving demand for Chinese exports, while a broader shift to a consumption-driven economy at home is supporting import growth.

"The stronger yuan has more or less hurt exports," said Zhu Qibing, chief macro-economy analyst at BOC International China in Beijing. "Global demand edged down last month but the overall trend is steady throughout next year. External demand will continue to support China's economy."

The trade surplus against the US was US$26.6 billion in October.