Exports and imports are much higher than a year ago, when much of the world was hit by the COVID-19 pandemic, but there are widespread concerns that economic headwinds are slowing growth
China’s exports remained strong in October, a positive sign for the economy battling power shortages and the COVID-19 outbreak.
The country’s customs agency said on Sunday that exports rose 27.1% from a year earlier to $300.2 billion. This was lower than the 28.1% increase in September but still healthy. Imports came in at $215.7 billion, an increase of 20.6%.
Exports and imports are much higher than a year ago, when much of the world was hit by the COVID-19 pandemic, but there are widespread concerns that economic headwinds are slowing growth.
China’s economy has been hit by the government’s strict COVID-19-related restrictions, which have curtailed domestic travel and consumer demand, and power shortages have pushed down factory output. Regulators are also tightening the noose on debt-ridden real estate developers, which is slowing down the housing market.
China’s trade surplus stood at $84.5 billion in October, up from $66.8 billion in the previous month. The surplus with the US declined slightly to $40.7 billion from $42 billion in September. With the European Union, it was $25.9 billion.