China’s exports remained strong in October, totaling $300.2 billion, up 27.1 percent from a year ago.<\/p>\n
The economy is trying to weather power shortages and COVID-19 outbreaks.<\/p>\n
Although China’s exports recoded a higher 28.1 percent increase in September, October’s figures are still healthy. Imports came in at $215.7 billion, a 20.6 percent rise.<\/p>\n
Exports and imports are much higher than a year ago, when much of the world was in the throes of the COVID-19 pandemic. Yet, there is widespread concern that economic headwinds are slowing growth.<\/p>\n
China\u2019s economy has been hit by the government’s tough COVID-19-related restrictions, which have depressed domestic travel and consumer demand.<\/p>\n
As well as, power shortages pushed down factory production, while regulators are cracking down on debt-laden real estate developers, slowing the housing market.<\/p>\n
China’s trade surplus in October was $84.5 billion, up from $66.8 billion the previous month.<\/p>\n
In a related context, China’s trade growth with the US slowed in October compared with September, Chinese customs data revealed on Sunday.<\/p>\n
The China-US phase one trade deal continues to move forward before the conclusion of the agreement approaches in January 2022.<\/p>\n
Despite October statistics, the phase one trade agreement between China and the US is moving forward as China has increased its purchase of US energy products.<\/p>\n
According to customs data, although bilateral trade increased 33.4 percent year-on-year to reach $66.794 billion from January to October, the growth rate dropped, compared with a 35.4-percent growth from January to September.<\/p>\n
That sent China’s trade surplus with the US to $40.75 billion in October, down from $42 billion recorded for September, according to calculations made by the Global Times.<\/p>\n
China’s import value from the US stood at $14 billion in August, rising to $15.4 billion in September but down to $13 billion last month.<\/p>\n
At present, global economy is suffering from supply chain snarls – China lacks energy and the US lacks goods, \u00a0Tian Yun, former vice director of the Beijing Economic Operation Association, told the Global Times noted.<\/p>\n
“Which country could stabilize domestic supply chains and boasts big share in global value chain will outperform in foreign trade,” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
China’s exports remained strong in October, totaling $300.2 billion, up 27.1 percent from a year ago. The economy is trying to weather power shortages and COVID-19 outbreaks. Although China’s exports recoded a higher 28.1 percent increase in September, October’s figures are still healthy. Imports came in at $215.7 billion, a 20.6 percent rise. Exports and […]<\/p>\n","protected":false},"author":4,"featured_media":212575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[128,6819,278,646],"class_list":["post-212574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-china","tag-exports","tag-featured","tag-usa"],"yoast_head":"\n