China's exports remain strong in Oct, trade surplus hits $84 bn

China's exports remained strong in October, a positive sign for an economy trying to weather power shortages and COVID-19 outbreaks. The country's customs agency said Sunday that exports totaled $300.2 billion, up 27.1 per cent from a year ago. That was down from a 28.1 per cent increase in September but still healthy. Imports came in at $215.7 billion, a 20.6 per cent rise.

Exports and imports are much higher than a year ago, when much of the world was in the throes of the COVID-19 pandemic, but there is widespread concern that economic headwinds are slowing growth.

China's economy has been buffeted by the government's tough COVID-19-related restrictions, which have depressed domestic travel and consumer demand, and power shortages that have pushed down factory production. Regulators are also cracking down on debt-laden real estate developers, slowing the housing market.

China's trade surplus in October was $84.5 billion, up from $66.8 billion the previous month. The surplus with the US was down slightly to $40.7 billion, compared to $42 billion in September. With the EU, it was $25.9 billion.

Also Read: Japanese car sales drop in China

Also Read: China launches three new remote-sensing satellites