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China's October Exports Soared 27.1% Year-on-year

China's October Exports Soared 27.1% Year-on-year

China's exports in October were strong, with a year-on-year increase of 27.1%, which is little changed from the 28.1% increase in September. It is expected to benefit mainly from Christmas sales in Europe and the United States. In contrast, imports in October showed strong growth at the same time, with an annual growth rate of 20.6%. As for China's trade surplus in October, it expanded to 84.54 billion U.S. dollars, which is a historical high. Looking back, China's trade surplus in September was 66.76 billion U.S. dollars. By calculation (based on the daily closing price of Reuters), the average offshore RMB exchange rate in October was 6.418 to 1 U.S. dollar, a higher exchange rate level in the past four months. In other words, the high RMB exchange rate has not hindered China’s export situation.
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