US goods trade deficit hits record in November

Chinese exports solid in October as Covid eases overseas

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Shanghai: Official data on Sunday showed that China’s export growth in October was better than expected, demand in some key markets such as the United States increased, and overseas COVID-19 data slowed down.

Data from the world’s second-largest economy also shows that despite power outages due to emission reduction targets, soaring coal prices and supply shortages in recent months, Chinese factories still keep their goods flowing out.

The government said last week that due to the increase in domestic coal production, the power crisis is gradually alleviating.

According to customs authorities, exports in October increased by 27.1% year-on-year to US$300.2 billion, better than expected.

Imports were slightly lower than analysts’ expectations, with an increase of 20.6% in October.

In recent months, several Chinese factories have been forced to shut down due to power outages, raising concerns about the global supply chain.

This squeeze is exacerbated by China’s Covid-19 border restrictions that hinder the transportation of raw materials from overseas, and the trade dispute with Australia has exacerbated the decline in coal imports.

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