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Posted: Nov 6, 2021 / 11:26 PM CDT
Updated November 7, 2021 / 2:01 am CST
FILE – Container trucks pass through a new automated container port in Rizhao, east China’s Shandong Province, on October 9, 2021. China’s export growth slowed slightly in October to 27.1 percent year over year, while imports rose 20.6 percent, the customs administration said Sunday, Nov. 7, 2021. (Chinatopix via AP, file)
BEIJING (AP) – China’s exports remained strong in October, a positive sign of an economy trying to weather power shortages and COVID-19 outbreaks.
The country’s customs authorities said Sunday that exports stood at $ 300.2 billion, 27.1 percent more than a year ago. That was a 28.1% decrease in September, but it’s still healthy. Imports were $ 215.7 billion, an increase of 20.6%.
Exports and imports are much higher than a year ago when much of the world was hit by the COVID-19 pandemic, but there is widespread concern that economic headwinds are slowing growth. The world’s second largest economy grew by 4.9% in the three months to the end of September, after 7.9% in the previous quarter.
China’s trade surplus stood at $ 84.5 billion in October, up from $ 66.8 billion in the previous month, customs officials said. The surplus with the US decreased slightly to $ 40.7 billion, compared to $ 42 billion in September. With the EU it was $ 25.9 billion.
China and the US are caught in a trade war that dates back to the administration of former President Donald Trump. The US imposed tariffs on Chinese products, and China retaliated with tariffs on American products. US Trade Representative Katherine Tai said last month she was planning open discussions with her Chinese counterparts about their differences.
China’s economy has been shaken by the government’s severe COVID-19-related restrictions that have depressed domestic travel and consumer demand, as well as the power shortage that has depressed factory production. The regulators are also taking action against debt-laden real estate developers and putting the brakes on the housing market.
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https://www.kxan.com/news/international/chinas-export-growth-cools-trade-surplus-hits-84-billion/
