China export growth surprisingly strong in Oct.

China's exports hold up despite US tariffs

China's exports hold up despite US tariffs

The upbeat trade readings offer good news for both those anxious about global demand and for China's policymakers after the economy logged its weakest growth since the global financial crisis in the third quarter.

The country's cumulative trade surplus with the U.S.in the first 10 months of the year was $258.15 billion, Reuters reported.

Markets are now keeping their eyes on a much-touted meeting later this month between President Donald Trump and President Xi Jinping at the G-20 in Buenos Aires, Argentina.

"October's surprisingly strong export performance seems to have been partly due to a continuous front-loading effect and is unlikely to be a long-term trend", said Betty Wang, China economist at ANZ.

"We believe that the cause of such strong growth is exporters' concern that the 10% tariffs on $200 billion of exported goods to the United States will rise to 25% on 1st Jan 2019, so they front-loaded export activities".

US President Donald Trump has said he's prepared to expand the tariffs to effectively cover all Chinese exports to the United States, which topped $500 billion past year.

China's exports in October denominated in dollars rose 21.4 percent year-on-year, exceeding an expected 14.5 percent growth forecast.

In another positive sign, China's exports by volume also showed solid growth, according to Oxford Economics, which estimated they rose "an impressive" 9.9 per cent. Economists and Chinese government officials said recently that they expected export growth to slow in the final months of the year. USA orders for Chinese goods at the latest Canton fair dropped 30.3 per cent from a year earlier by value, as higher USA tariffs made goods from batteries to farm tractors more expensive.

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China's overall trade - what it buys and sells with all countries including the U.S. - logged a $34 billion surplus for the month. Trump has railed against China over intellectual property theft, entry barriers to US business and the gaping trade gap.

China's total trade surplus rose to US$34.01 billion for October from September's US$31.69 billion, but was below the median forecast of US$35 billion.

South Korea has become the largest long-distance importer of United States crude oil taking 1.1 mill tonnes in September, the highest level.

"Front-loading export activities should continue in November and December".

"More importantly, it also reflects some of Beijing's promise to buy more - as a way to help soothe the trade conflict with the United States".

In addition to the impact of U.S. advance orders, stronger than expected global demand - driven by emerging markets such as Russian Federation and Brazil - had also boosted Chinese exports in October, according to a note published by Nomura.

President Xi said at the opening of an import expo this week that he expects China to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years.

Analysts largely believe the uptick in exports is a result of American businesses rushing to bring in goods before the tariff rate on $200 billion worth of imports from China increases in January.

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