China’s export growth continued to improve in October while import growth slowed again according to official data.
Export growth accelerated to 11.6% on a year-on-year basis, up from 9.9% year on year (yoy) in September, and above market estimates of 10.0% yoy, while imports growth slowed to 2.2% yoy, down from 2.4% yoy and worse than estimated at 3.3% yoy.
On a seasonally adjusted month-on-month basis, export fell 2.3%, while import rose 2.8%.
The resulting trade surplus for October amounted to US$31.992 billion, up from US$27.67 billion in September and above consensus estimates of US$27.15 billion.
Export growth to Europe remains negative, although the pace of contraction is slower. Export growth to the US continued to pick up.
Meanwhile, import growth remains significantly weaker, highlighting weak domestic demand. Imports from Australia, remarkably, fell 21.8% yoy in October.
