China October exports record highest jump in 19 months, imports decline more than expected

A cargo ship is sailing towards the docking of a foreign trade container terminal in Qingdao Port, Shandong province, in Qingdao, China, on June 7, 2024.

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China’s exports in October rose at their fastest pace in 19 months, sharply beating analysts’ estimates, according to data fromthe country’s customs agency on Thursday.

Exports rose by 12.7% year on year to $309.06 billion in October — the highest jump since March 2023 when they rose 14.8%, according to LSEG data. That compares with 2.4% growth in September and 8.7% in August.

Analysts had pegged exports growth at 5.2% year on year in October, according to a Reuters poll.

Imports, however, fell by a more-than-expected 2.3% in October,customs data showed. That compares with a modest growth of 0.3% in September and 0.5% in August. Analysts had forecast a decline of 1.5% in October exports, according to a Reuters poll.

“The better-than-expected export figures can be attributed to delayed shipments in October due to improved weather conditions, ongoing price discounts to capture market share, and the traditional peak season leading up to Christmas,” Bruce Pang, chief economist of Greater China at JLL told CNBC.

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