China: Exports hit 5-month high in October
November 10, 2012
Exports continued to improve, accelerating from a 9.9% rise in September to an 11.6% expansion in October. The print marked the largest gain since May and overshot market expectations that had shipments increasing 9.0%. As a result of the monthly reading, in the 12 months up to October, exports grew 8.8% over the same period the previous year (September: +9.1% year-on-year). Meanwhile, imports increased 2.4% over the same month last year, mirroring the result tallied in September. However, the print came in below market expectations of a 3.1% increase. As a result, imports increased 6.5% in annual terms in the last 12 months (September: +8.3% yoy). As a result, the trade balance reached a USD 32 billion surplus in October - the largest since January 2009 - which prompted the 12-month moving sum of the trade balance to rise to a USD 213 billion surplus in October, larger than the USD 198 billion surplus observed in September.