Chinese exports rose 12.7% in October from a year earlier, the fastest monthly increase in more than two years, according to AP News.
The customs report came a day after former President Donald Trump won Tuesday’s election. He pledged to raise duties on imports from China to 60%, adding to uncertainty about the outlook for exports to the US.
Imports in October fell 2.3% from a year earlier, while China’s trade surplus rose to $95.7 billion in October from $81.7 billion in September.
The rise in exports in October signalled robust demand for Chinese goods overseas, whereas demand in the domestic market remains sluggish. China’s exports to Russia rose nearly 27% year-on-year, according to customs data. Exports to the US increased by 8% year-on-year, while shipments to the European Union rose by almost 13%.
Beijing is expected to unveil a long-awaited stimulus package on Friday at a meeting of its top legislature aimed at reviving the economy amid deflationary pressures and weak consumer spending. However, the US and Europe recently raised tariffs on exports of electric vehicles and other products from China, darkening the outlook for Chinese trade.
The prolonged property slump also remains a major drag on the Chinese economy. China’s policymakers have already announced a series of measures to stimulate the economy, including allocating 200 billion yuan ($28.2 billion) from next year’s budget for spending and construction projects.
