China’s Trade Surplus With The U.S. And Rest Of The World Widened In October
China’s trade surplus with the U.S. widened slightly to $31.37 billion in October, from $30.75 billion in September. China’s exports to the U.S. rose 22.5% year-over-year in dollar terms in October, while shipments to the Association of Southeast Asian Nations and the European Union, China’s No. 1 and No. 2 trading partners, rose 7% and fell 7% respectively from a year earlier.
In October, China’s purchases from the U.S. rose 33% from a year earlier, accelerating from September’s 24.8% year-over-year growth rate. Chinese officials have reaffirmed their pledge to implement the U.S.-China phase one trade deal signed in January. (Promised to purchase $200 billion over two years from 2017 levels.)
China’s exports rose 11.4% from a year earlier in October (more than previous month’s 9.9% increase), according to data released Saturday by China’s General Administration of Customs. China’s imports, meantime, rose by a more modest 4.7% in October from a year earlier, down from September’s 13.2% increase and lower than the 8.3% increase expected.
The trade data means China’s trade surplus ballooned to $58.4 billion in October, from $37 billion the previous month, according to official data. In recent months, overseas sales of pandemic-related medical gear and work-from-home computer products have helped China’s export sector. One thing to be concerned about is that as the trade surplus widens it's part of China's five-year plan to boost consumption at home to offsetting rising geopolitical competition with the West.