China’s imports surge 26.3 pct, exports rise 20.1 pct in October

The United States imposed 10% tariffs on $200 billion of Chinese goods on September 24

Chinese exports to the USA also grew in September at a rate of 13% year over year.

Far from being impacted by the trade war with Donald Trump's United States administration, China has reported better-than-expected exports and imports for October.

In U.S. dollar-denominated terms, China's exports increased 15.6 percent year on year in October, while imports were up 21.4 percent.

The increases also accelerated from the 17.4-percent growth for imports seen in September and a rise of 17 percent for exports.

China's total trade surplus rose to US$34.01 billion for October from September's US$31.69 billion, but was below the median forecast of US$35 billion.

The upbeat trade readings offer good news for both those anxious about global demand and for China's policymakers after the economy logged its weakest growth since the global financial crisis in the third quarter.

The Foreign Trade Centre, which organised last month's Canton Fair, said on Monday that export orders to the USA declined 30.3 per cent from a year earlier by value.

The determined development that saw no United States seaborne exports of crude oil to China in August, has continued into September.

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Analysts claimed for yet another month that part of the explanation for strong exports to the U.S. is front-loading of shipments in anticipation of Mr. Trump's threat to raise tariff rates on $200 billion worth of Chinese goods to 25% from the current 10% in January if no deal is reached.

"October's surprisingly strong export performance seems to have been partly due to a continuous front-loading effect and is unlikely to be a long-term trend", said Betty Wang, China economist at ANZ.

Trump is due to discuss trade with Chinese President Xi Jinping on the sidelines of the G20 summit in Buenos Aires later this month, but experts are doubtful the two leaders will be able to agree on a swift resolution to the conflict.

South Korea has become the largest long-distance importer of U.S. crude oil at 1.1 million t in September, its highest level ever.

Imports of American goods rose 8.5 per cent to United States dollars 10.9 billion, decelerating from the previous month's 9 per cent.

Trump has railed against China over intellectual property theft, entry barriers to USA businesses and its persistently large trade surplus with the United States. "We are not particularly optimistic on China export growth in 2019".

That was part of the explanation in May, June, July, August, and September for stronger exports, especially to the US. Last year, Xi had estimated that China would import $24 trillion worth of goods over the coming 15 years.

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