Chinese exports surged 27% in October from a year earlier, according to customs statistics released by Chinese authorities on Sunday. That’s a shade softer than September’s 28% year-on-year growth, but better than analysts were expecting.
The strong export figures lifted China’s trade surplus to a record $84.5 billion in October.
Analysts suspect China’s exports were bolstered by strengthening global demand as the world continues to recover from the coronavirus pandemic, along with retailers stocking up for the holiday shopping season.
The widening trade surplus has also helped China boost its foreign exchange reserves, already the largest in the world. The total amount the country keeps in reserve increased to more than $3.2 trillion in October, the first increase since July, according to data fromChina’s State Administration of Foreign Exchange on Sunday.
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