The volume of Chinese exports in October rose by 35.2% year-over-year, to $412.33 billion, according to data from the country’s General Administration of Customs.
Imports rose by 41.6% to $307.05 billion, marking the highest growth rate since May 2021.
Analysts surveyed by Trading Economics had forecast, on average, a 33.5% increase in exports and a 32% increase in imports for October. In September, the growth rates were 36.3% and 31%, respectively.
Strong demand for chips and equipment for artificial intelligence development contributed to the robust growth of Chinese exports. Overseas shipments of microchips increased 2.4-fold last month.
Exports to the U.S. rose by 32.9% amid improving relations between the two countries. Shipments to the EU increased by 24.4%, and to ASEAN countries by 46.3%.
China increased its imports of high-tech products by 50.8% in October. Purchases of data processing equipment and related components rose 2.4-fold.
Imports from ASEAN countries rose by 28.1%, from South Korea by 79.1%, from Taiwan by 29.2%, and from the EU by 4.6%.
China’s trade surplus in October totaled $105.28 billion ($88 billion a year earlier). Over the first ten months of this year, the surplus reached $1.043 trillion.
