China’s imports rise, exports slow
11 Nov 2011
China's imports were up sharply in October even as export growth continued to slow, official data released on Thursday showed. According to analysts the data showed that robust domestic demand could offset the effects of weakening demand for Chinese goods in Europe and elsewhere.
The stronger-than-expected import data might also be a reflection of inventory build ups with Chinese importers looking to take advantage of price swings to stock up on crude oil, copper and other commodities they added.
Over all, imports were up a surprising 28.7 per cent, as against the levels a year ago, which surpassed an increase in September of 20.9 per cent.
Export growth continued to moderate, and rose only 15.9 per cent over levels of a year ago, and according to economists, the data, which was the weakest in eight months, showed the adverse impact of the continued economic turmoil in Europe.
Shipments to Europe were up 7.5 per cent as against the that of a year earlier, falling from 9.8 per cent in a year in September, according to a Barclays Capital note.
Export growth to the US had revived with an increase of 14 per cent in October as against the level of a year earlier, according to a UBS Securities note. Increases in exports to the US over the previous few months were up 10 per cent to 11 per cent, according to the investment house.
