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China posts show an increase in sales despite the global crisis | Business and Economic Affairs

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China shipped more monthly in October while exports increased even though the global crisis.

Exports rose 27.1% of the dollar last month from last year to $ 300.2 billion, data from the General Administration of Customs showed on Sunday. That was the 13th straight month of double-digit growth, and it exceeded expectations of economists at a profit of 22.8%. Exports rose 20.6%, leaving a staggering $ 84.54 billion.

China’s trade growth continued after the epidemic last year. Exports outside of October exceed 2020.

Strong trade supports China’s economy, which has fallen sharply in recent months due to housing shortages caused by housing shortages, power outages that have delayed industrial output, and declining consumer economic downturns due to the slow outbreak of coronavirus. .

Coal purchases in China have doubled in October since a year ago when Beijing struggled to cut electricity shortages due to lower demand and demand for electricity, especially from manufacturers who want to export.

Outflow of gas, instead of domestic heating, jumped 22% in the first 10 months of the year.

China’s trade growth surpassed pre-epidemic levels throughout the year [FILE: Martin Pollard/Reuters]

Global trade has been booming this year as the global economy recovered from the virus-induced closure in 2020. This has caused economic stagnation in many countries due to a shortage of vessels and ships and the number of ports, including drivers. which provides goods to retailers.

The prospect of a chain reaction problem may be better, as predicted by lower shipping costs.

China’s sales to the European Union and the US have grown significantly among its major trading partners this year, customer reports have shown.

The volume of such trade with the US, which is causing tensions between the two largest countries in the world, rose to 2.08 trillion ($ 325 billion) in the 10 months to October from 1.75 trillion in the previous year, probably because China produced soybeans. of the US. delayed due to weather-related problems in recent months.

Machinery and electronics accounted for about 60% of Chinese exports and prices this year, experts say.

Population sales such as clothing and plastic also made up 18%. Goods such as household appliances, lighting fixtures and furniture saw the fastest growing exports in October, researchers at Goldman Sachs Group Inc. he said in the letters.

China is the world’s largest source of basic necessities due to its industries and abundant construction resources.

Demand for construction-related goods has declined this year due to the slowdown in the country’s commodity market, and imports of goods have declined in October.

Reserves Rose

The dollar has boosted Chinese currency this year and increased government spending on foreign currency, which rose to $ 3.22 trillion at the end of October, according to People’s Bank of China.

The dollar provides China with an important way to deal with any global economic crisis, although companies like China Evergrande Group are struggling to repay their debts.

The country’s strong growth will continue over the next few months, according to a Bloomberg Economics survey. China’s demand for goods could be delayed if consumers in developed countries continue to stop buying and go to work, and South and Southeast Asian countries have resumed manufacturing following the epidemic.

The government in recent days has warned of a “slow decline” in the economy and has vowed to strengthen domestic demand, including policies to support small and medium-sized enterprises.

It vowed not to use the housing market to provide temporary incentives, and the central bank remained resilient, insisting on short-term loans to stabilize interbank financing. Banking requirements have not changed since July and interest rates have dropped since last year.



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