China’s export figures for the month of October showed “greater than expected resilience in the face of a global slowdown,” according to The Financial Times:
The politically sensitive trade surplus, which already stood at record levels in September, grew a further 20 per cent last month to $35.2bn after a modest reduction in the growth rate of exports was accompanied by a sharper drop in import growth.
The government also released further evidence yesterday of slowing domestic demand, including another drop in house prices and further softening in consumer price inflation.
The new figures came as other countries in the region, including India, Japan and South Korea, reported significant falls in their export performance last month.
Forbes sees the glass half empty:
… a trade balance has two components and imports, at $93.1 billion, were up a less-than-expected 15.6%. That faster deceleration than exports is the reason the trade surplus widened and points to an accelerating cooling of domestic demand, though falling commodity prices would also have contributed to the value of imports.
