China's trade surplus tops $1 trn for 2nd straight year, exports jump 35% ...Middle East

China's trade surplus exceeded USD 1 trillion for a second straight year, according to official data released Tuesday, as pressure mounts for greater balance in trade with Beijing. Exports in October surged 35.2 per cent from a year earlier, the customs agency said. Exports have grown rapidly this year supported by high-tech goods like semiconductors and autos. Imports rose 41.6 per cent year-on-year. Between January and October, China logged a USD 1.04 trillion trade surplus, even as the trade surplus narrowed last month to USD 105.3 billion from USD 133.5bn in September as imports picked up pace. That puts China on track for surpassing last year's record USD 1.2 trillion trade surplus. "We expect Chinese exports to stay strong for the rest of this year, led by electronics and autos," said Dave Chia, an economist at Moody's Analytics. Overcapacity in many industries, excess domestic savings and weakened domestic demand are still forcing China to ship its goods abroad as some ...

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