On trade front--China's exports surge in October

News that China's exports continue to surge even after the tariffs went into effect will disappoint Trumpkins that want to punish Americans and destroy China.

quote:

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China’s exports surged anew last month on the back of resilient demand, defying many economists’ expectations for a slowdown from the trade fight with the U.S.

Demand for Chinese goods grew in developed and developing markets, from the U.S. to India, according to customs data released Thursday.

“It’s not just the U.S., wherever you look, especially the emerging markets, demand is solid,” said Liu Yaxin, an economist at China Merchants Securities .

The performance, economists said, suggested China is getting a boost from surprisingly healthy global demand and perhaps from a weaker yuan. Many economists attributed the export boom of recent months to businesses frontloading shipments before tariffs take effect, and they had expected that trend to fade.

China’s total exports rose 15.6% from a year earlier, the customs administration said, which tops the 14.5% year-over-year increase in September. Economists expected 11% growth.

Exports to India, Hong Kong and Brazil all grew by more than 20% last month from year ago, according to calculations by The Wall Street Journal based on customs data. Exports to the U.S. and the European Union also held up, rising 13% and 15% respectively.

Meanwhile, China’s appetite grew for global commodities, boosting imports 21.4% in October from a year earlier, compared with a 14.3% increase the previous month. Imports of crude oil jumped 89% on year.

Imports from the U.S., however, dropped 1.8% in October from a year earlier, following a 1.2% decline in September. The trade gap with the U.S. narrowed to $31.8 billion last month from September’s record monthly high of $34.1 billion.

Still, by Chinese figures, the near $260 billion surplus for the first 10 months this year is up 15% from a year earlier and puts China on track to post another record surplus with the U.S. Last year, China reported the largest-ever annual surplus of some $275.8 billion. The U.S. estimates the gap was even larger, at $375.2 billion.

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