China: Merchandise exports rise at a faster pace in October
Latest reading: Merchandise exports jumped 12.7% on an annual basis in October (September: +2.4% year-on-year). October’s figure marked the strongest growth since July 2022 and was more than double market expectations. Sales rose to all major trading partners. Reduced weather-led disruptions and frontloading ahead of U.S. and EU tariffs could have been behind the sharp rise in exports. Meanwhile, merchandise imports fell 2.3% over the same month last year in October (September: +0.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 95.7 billion surplus in October (September 2024: USD 81.7 billion surplus; October 2023: USD 55.9 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 929.0 billion surplus in October, compared to the USD 889.2 billion surplus in September.