China’s trade surplus came in larger than expected at USD 42.8B in October. Both exports dropped much less than expected over the year. But contraction in imports were slightly larger. Looking at some details, contraction in imports to the US was more than double of exports, year-to-October. Imports from EU merely grew 0.1% ytd yoy.

In USD terms, in October:

  • Total trade dropped -3.4% yoy to USD 383.0B.
  • Exports dropped -0.9% yoy to USD 212.9B, versus expectation of -5.2% yoy.
  • Imports dropped -6.4% yoy to USD 170.1B, versus expectation of -6.1% yoy.
  • Trade surplus widened to USD 42.8B, versus expectation of USD 40.6B.

Year-to-October:

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  • Total trade dropped -2.5% yoy to USD 3736B.
  • Exports dropped -0.2% yoy to USD 2038B.
  • Imports dropped -5.1% yoy to USD 1698B.
  • Trade surplus came in at USD 340B.

With EU, year-to-October:

  • Total trade rose 3.1% yoy to USD 579.6B.
  • Exports rose 5.1% yoy to USD 352.8B.
  • Imports rose 0.1% yoy to USD 226.8B.
  • Trade surplus came in at USD 126.1B

With US, year-to-October:

  • Total trade dropped -14.9% yoy to USD 447.8B.
  • Exports dropped -11.3% yoy to USD 347.8B.
  • Imports dropped -25.4% yoy to USD 100.0B.
  • Trade surplus came in at USD 247.8B.

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