China Trade Surplus Hits Fresh Record High in October


China trade surplus was at USD61.64 billion in October of 2015, significantly up from USD45.40 billion reported a year earlier but below market consensus. It is the largest trade surplus in the record, as imports fell much more than exports.

In October, exports declined by 6.9 percent year-on-year to USD192.41 billion, compared to a 3.7 percent fall in the previous month. Imports slumped 18.8 percent year-on-year to USD130.77 billion, following a 20.4 percent drop in September. It is the 12th straight month of decline, as a result of declining commodity prices and weak demand. In the previous month, the country registered a USD60.34 billion trade surplus.

Considering the first ten months of 2015, exports  dropped by 2.5 percent, driven by  coal & ignite (-27.7 percent); coke & semi coke (-8.6 percent); refined oil (-29.0 percent); rice (-0.9 percent); clothing accessories (-7.5 percent); footwear (-5.1 percent); precious metals (-68.5 percent) and steel (-6.9 percent). In contrast, outbond shipments increased for: crude (+383.6 percent); mineral fertilizer (+33.7 percent); ceramic products (+19.4 percent) and unwrought aliminium and aluminium (+10.9 percent).

Sales declined to: Hong Kong (-12.5 percent), Japan (-9.5 percent), the ASEAN countries (-9.8 percent) and South Africa (-17.2 percent). In contrast, outbond shipments rose to: India (+8.4 percent), South Korea (+1.1 percent), Taiwan (+3.7 percent), the EU countries (+3.5 percent), the US (+5.2 percent), Rusia (+5.5 percent), Australia (+3.1 percent) and New Zealand (+4.6 percent).

Imports also dropped by 15.7 percent, as purchases from all of the country's trading partners declined except Vietnam and Canada. Those from the US decreased by 6.5 percent, India (-20.7 percent), Hong Kong (-10.6 percent), Japan (-12.7 percent), South Korea (-10.0 percent), Taiwan (-11.3 percent), the ASEAN countries (-21.6 percent), the EU countries (-20.1 percent), Rusia (-33.4 percent), South Africa (-19.3 percent), Australia (-26.0 percent) and New Zealand (-33.3 percent). In contrast, imports rose from Vietnam  (+19.4 percent)and Canada (+6.6 percent).

General Administration of Customs l Rida Husna | rida@tradingeconomics.com
11/8/2015 3:54:29 AM