China's October Trade Surplus with the U.S. Reaches $31.37 Billion

Published 09 Nov.2020 15:42(KST)

Last Month's Exports to the U.S. Up 22.5%, Imports from the U.S. Up 33%
U.S.-China Trade Imbalance Persists

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Wall Street Journal (WSJ) reported on the 9th that China's exports to the United States have significantly increased, with the trade surplus expected to reach $47.8 billion.

According to WSJ, China's exports last month rose 11.4% compared to the same period last year. This exceeded the market forecast of 9.3%.

October imports increased by 4.7% year-on-year. Although this is lower than the market expectation of 9.5%, it marks two consecutive months of positive growth, indicating that China is recovering from the impact of the novel coronavirus disease (COVID-19).

With exports surging, China's trade surplus in October reached $58.4 billion, surpassing the $37 billion surplus in September.

WSJ analyzed that the increase in exports was driven by demand for COVID-19 related medical equipment and laptops due to remote work.

Regarding China's leadership's "dual circulation" economic policy, WSJ explained that as conflicts with the Western bloc, including the United States, intensify, China's leadership has planned to increase domestic consumption.

WSJ added that as external demand uncertainty grows due to geopolitical tensions, China's leadership intends to drive the economy through domestic demand.

China's trade surplus with the United States in October was $31.37 billion, larger than the $30.75 billion surplus in the previous month. This is attributed to a 22.5% year-on-year increase in exports to the United States in October.

Despite a 33% surge in imports from the United States last month compared to the previous year, the trade surplus with the United States continues to grow.