Exports and imports are much higher than a year ago, when much of the world was in the throes of the COVID-19 pandemic, but there is widespread concern that economic headwinds are slowing growth
China’s exports remained strong in October, a positive sign for an economy trying to weather power shortages and COVID-19 outbreaks.
The country’s customs agency said Sunday that exports totaled $300.2 billion, up 27.1% from a year ago. That was down from a 28.1% increase in September but still healthy. Imports came in at $215.7 billion, a 20.6% rise.
Exports and imports are much higher than a year ago, when much of the world was in the throes of the COVID-19 pandemic, but there is widespread concern that economic headwinds are slowing growth.
China’s economy has been buffeted by the government’s tough COVID-19-related restrictions, which have depressed domestic travel and consumer demand, and power shortages that have pushed down factory production. Regulators are also cracking down on debt-laden real estate developers, slowing the housing market.
China’s trade surplus in October was $84.5 billion, up from $66.8 billion the previous month. The surplus with the U.S. was down slightly to $40.7 billion, compared to $42 billion in September. With the EU, it was $25.9 billion.
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