Chinese exports grew by a better-than-expected 15.6 percent year-on-year in October, according to official data, as buyers frontload shipments ahead of possible further action by the US.
Contrary to expectations that Washington’s latest $200 billion tariff round would suppress demand for Chinese goods, export growth actually accelerated from the 12.2 percent y/y average posted during the first nine months of the year, the Financial Times reports.
Imports also picked up to 21.4 percent y/y in October from 20 percent for the January-September period.
Notably, exports to the US grew 13.2 percent from a year earlier, whereas imports fell 1.8 percent, lifting China’s bilateral trade surplus to $32 billion last month from $25 billion for the first three quarters.
In addition to a rush a of demand by American importers in anticipation of more tariffs on the way, a humming US economy and slipping renminbi appear to be diluting any intended impact of the trade war.