Chinese Trade Surplus Surged to Record High USD84.54 billion in October

The Chinese trade surplus surged to a record high of USD 84.54 billion in October 2021 from USD 57.32 billion in the same month a year earlier. Exports rose by 27.1 % year-on-year to USD 300.22 billion;  extending double digit gains for the 13th month.

The Chinese trade surplus surged to a record high of USD 84.54 billion in October 2021 from USD 57.32 billion in the same month a year earlier. Exports rose by 27.1 % year-on-year to USD 300.22 billion;  extending double digit gains for the 13th month.

China Tianjin port

Trade in USD Terms

China’s trade surplus surged to a record high of USD 84.54 billion in October 2021 from USD 57.32 billion in the same month a year earlier, easily beating market forecasts of USD 65.55 billion.

China Balance of Trade

Exports extended their double-digit growth for the 13th month running, rising by 27.1 percent year-on-year to USD 300.22 billion;

China Exports

  • Shipments of rare earths jumping 89 percent.
  • Sales increased from Japan (16.3 percent), South Korea (33.1 percent), Taiwan (24.0 percent), Australia (22.3 percent), the US (22.7 percent), the ASEAN countries (18.0 percent), and the EU (44.3 percent).
  • Considering the first ten months of the year, exports jumped 32.3 from a year earlier to USD 2.7 trillion, already surpassing all of 2020.

Imports grew at a softer 20.6 percent to USD 215.68 billion.

China Imports

  • Purchases grew for coal (96.2 percent),natural gas (24.6 percent)
  • Fell for crude oil (-11.2 percent), unwrought copper (-33.6 percent), and soybeans (-41.2 percent).
  • Arrivals gained from Japan (9.9 percent), South Korea (22.3 percent), Taiwan (7.2 percent), Australia (24.3 percent), the US (4.6 percent), and the ASEAN countries (23.1 percent),
  • Dropped slightly from the EU (-0.7 percent).

Considering the first ten months of the year, the trade surplus widened to USD 513.74 billion from USD 373.92 billion in the same period of 2020.

China USA Trade

  • Meanwhile, the trade surplus with the US narrowed to USD 40.75 billion from USD 42.0 billion in September.
  • For the January to October period, China’s trade surplus with the USAwas at USD 320.67 billion.

Source: General Administration of Customs

January and February data distortions can exist with the lunar new year holiday timings.

From The TradersCommunity News Desk

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