Chinese customs data, released on Sunday, showed that China’s exports in October increased by 27.1 percent over the same period last year.
This percentage exceeds analysts’ expectations, as they had expected in an opinion poll an increase in October exports by 24.5 percent after they jumped 28.1 percent in September.
On the other hand, China’s imports jumped last October by 20.6 percent, while it was estimated in the poll that imports would rise by 25 percent, compared to an increase of 17.6 percent in September.
Last October, China recorded a trade surplus of $84.54 billion, compared to the poll’s expectations of recording a trade surplus of $65.55 billion, after it had recorded a surplus of $66.76 billion in September.
Reuters calculations, based on Chinese customs data, found that China’s trade surplus with the United States was $40.75 billion in October, down from $42 billion in September.
In the first ten months of the year, the surplus was $320.67 billion.
US Trade Representative Catherine Taye pledged in October to exempt some Chinese imports from tariffs, as she presses Beijing over some of its commitments in the “phase 1” trade deal struck under the Trump administration.
With regard to China’s foreign exchange reserves, data released by the People’s Bank of China said on Sunday that these reserves amounted to $3.218 trillion at the end of October.
It is noteworthy that China’s foreign exchange reserves are the largest in the world, according to Reuters.
As for China’s gold reserves at the end of October, it amounted to 110.83 billion dollars, up from 109.18 billion dollars in September, with the rise in gold prices.
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