Economy

China Oct Exports +6.1% on Year in Yuan Terms

China Oct Exports +6.1% on Year in Yuan Terms

As United States President Donald Trump arrived in Beijing yesterday focused on trimming his nation's trade deficit with China, there is little sign of a full-scale trade war between the world's two largest economies. However, we do not find evidence of this from data since 2013.

China's exports grew at a slower-than-expected pace in October, while imports surged on domestic demand, official data showed Wednesday.

Imports in October expanded 15.9% in yuan terms from a year earlier, compared with a 19.5% rise in September, the General Administration of Customs said.

The trade surplus shrank 17.8 percent to 2.3 trillion yuan in the same period.

Consequently, the trade surplus totaled $38.2 billion in October versus the expected level of $39.1 billion.

More news: Yemen on brink of world's 'largest starvation in decades'

"Trump is in Asia, this may be the factor that would give China trade some hard time". At the same time, the trade surplus with the USA decreased to $26.6 billion.

The Customs administration will announce October's trade figures in dollar terms later today. Expectations centred on a surplus of $39.5 billion versus September's $28.61 billion. China will host its first-ever import fair in November next year, and will roll out tax, fiscal and administrative initiatives aimed at helping foreign firms sell more into what is becoming a big and sophisticated consumer market, Zhong wrote. But momentum has started to fade and analysts say the weaker trade partly reflect moderating external demand.

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.

"Global demand edged down last month, but the overall trend is steady throughout next year".


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