China: Exports Hit 27-Month High
Chinese exports to Russia increased by almost a quarter in October
Despite Western sanctions and prohibitive tariffs, China’s exports hit a 27-month high in October 2024, rising 12.7% year-on-year to $309 billion. According to data released by China’s National Customs Administration, the October result far surpassed analysts’ forecasts, who estimated Chinese export growth at 5.5 percent. It should also be remembered that Chinese exports increased by 2.4 percent in September. Analysts said Chinese exporters “accelerated orders amid uncertainty surrounding the US election.”
The record for growth belongs to Russia, which increased imports of goods and services from China by 26.7 percent in October. The increase was higher than the 15.7% increase in September 2024. According to Chinese customs statistics, from January to October 2024, “the bilateral trade volume between China and Russia totaled $202.2 billion, up 2.8% compared to the same period in 2023.”
Trade with the Association of Southeast Asian Nations (ASEAN) countries ranked second after Russia, growing by 15.8 percent. The European Union (+12.7%) and the USA (+8.1%) ranked third and fourth, respectively.
While Chinese exports are on the rise, imports from the world’s second-largest economy fell 2.3% year-on-year in October 2024, down from the 0.3% increase recorded in September. The increase in Chinese exports led to trade surpluses of $81.71 billion and $95.72 billion in September and October, respectively.
