China: export growth in October in the race against rising US tariffs :: Kenya

BEIJING – China has announced stronger-than-expected exports for October, with shippers shipping goods to the United States, its largest trading partner, seeking to beat higher duty rates because of its entry effective early next year.

Imports growth also challenged sluggish expectations, suggesting that Beijing's efforts to cushion the slowdown in the economy could begin to slowly begin to take hold.

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Exports rose 15.6% last month compared with the previous year, showed Thursday customs data, up from 14.5% in September. The reading easily surpbaded badysts' expectations in a Reuters poll that forecast a slowdown to 11%, although the estimates have varied widely.

October's import growth accelerated from 14.3% in September to 21.4%, still exceeding badysts' expectations for a slight slowdown to 14%.

China's trade surplus with the United States stood at $ 31.78 billion in October, compared to a record $ 34.13 billion in September.

October is the first full month after the entry into force of the latest US tariff.

Despite several sets of tariffs imposed by the United States this year, Chinese exports have shown surprising resistance as companies increase their deliveries before the tighter US tariffs take effect.

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China's container freight rates on the west coast of the United States remain close to record levels in September, suggesting solid shipments for the month of November.

Analysts believe, however, that the risk of a sharp and sudden collapse in exports is increasing, as higher tariffs come closer, noting that factory surveys have shown a decline in orders for goods. 39, export in recent months.

US. Orders for Chinese products at the last Canton Fair have fallen 30.3% over the previous year, the organizer of the fair said Sunday, as higher US tariffs made goods ranging from batteries to more expensive farm tractors.

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In the first 10 months of the year, China's surplus to the United States, its main export market, was $ 258.15 billion, compared to $ 222.98 billion dollars for the same period last year.

Washington and Beijing imposed additional tariffs on their respective products on September 24 and the United States pledged to raise this rate sharply from 10% to 25% by the end of the year.

President Donald Trump has also threatened to impose duties on almost all Chinese goods purchased by the United States. Trump is high against China over intellectual property theft, barriers to the entry of US companies and the gaping commercial gap.

However, Trump and his Chinese counterpart Xi Jinping spoke by phone last week before a meeting between the two men at the G20 summit to be held at the G20 in late November.

In terms of trade with all countries, China's surplus was $ 34.01 billion in October, up from $ 35 billion in September and $ 31.69 billion in September.

Faced with the export prospects clouded by US tariffs and the expansion of the Chinese economy at the slowest pace since the global financial crisis, Beijing's policymakers recently focused on growth support measures, including increased reductions in the export tax and an increase in badistance to individuals. companies.

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China is also expected to cut import taxes on more goods, including machinery, as of November 1, in addition to the cuts applied earlier this year, in order to reduce costs for consumers and businesses.

At the opening of an exhibition on imports, President Xi said that he expected China to import $ 30 billion worth of goods and 10,000 Billion dollars of services from here 15 years. Last year, Xi estimated that China would import $ 24 billion worth of goods over the next 15 years.