China's exports return to growth, confirming economy's stability

By Wang Yanlin | November 8, 2013, Friday |

Online Edition

CHINA'S trade rebounded in October with exports returning to growth, confirming a stabilizing economy as China tries to shift focus to reform.

Exports jumped 5.6 percent from a year earlier last month to US$185.4 billion, reversing the decline of 0.3 percent in September, the General Administration of Customs said this morning.

Imports expanded 7.6 percent to US$154.3 billion, also up from the increase of 7.4 percent a month earlier.

They created a trade surplus of US$31.1 billion, far above September's surplus of US$15.2 billion.

"China's export growth in October beat expectations," said Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd. "It was a result of rising demand from the United States and ASEAN economies."

But Zhou added the surge in the trade surplus last month may lead to renewed pressure on the appreciation of the yuan, and market expectations for a stronger yuan remained strong.

Right before the opening the third plenary session of the Chinese Communist Party Central Committee, Premier Li Keqiang emphasized the importance of the external sector as it involves 100 million workers, suggesting that the Chinese authorities were concerned about declining trade competitiveness due to yuan appreciation and rising costs.

In the first 10 months, China's trade rose 6.5 percent from a year earlier to US$3.39 trillion, with a surplus of US$200.4 billion, the Customs data showed.

Economy

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China's exports return to growth, confirming economy's stability

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