China's Exports Rose Unexpectedly Strongly In October

China's Exports Rose Unexpectedly Strongly In October

China's exports rose unexpectedly strongly in October. With growing global demand and the recovery of the second largest economy from the Corona crisis, exports in US dollars rose by 11.4 percent compared to the same month last year. As announced by the Chinese customs in Beijing, foreign trade rose by a total of 8.4 percent. In contrast, China's imports grew by just 4.7 percent in October. The increase is smaller than expected and weaker than in the previous month with 13.2 percent. However, experts pointed to the lower economic activity due to the unusually long holiday week around China's national holiday on October 1, a strong comparison month in the previous year and lower oil imports. China benefited from stronger global demand in October - before the number of infections in the US and Europe rose again. So there are concerns that the new wave could dampen exports in many other countries in China. Export orders were not growing as fast in October as before, even if they had continued to grow for the third month in a row. Since China has the virus largely under control, its economy has also returned to normal since the summer. The People's Republic is likely to be the only major economy to grow this year. The International Monetary Fund (IMF) predicted an increase of 1.9 percent. The strong slump caused by the Corona crisis at the beginning of the year was largely made up for by autumn. In the third quarter, the Chinese economy grew again by 4.9 percent. For the next year, the monetary fund in China is even anticipating growth of 8.2 percent.