China's exports were up more than estimated in October, signalling the second-biggest economy in the world may rebound this quarter after industrial output rose at the fastest pace in five months.
Overseas shipments were up 11.6 per cent from a year earlier, according to the Beijing-based customs administration's statement today and was the fastest rate since May. Imports were up 2.4 per cent, matching the pace of the previous month as trade surplus widened to $32 billion, the biggest in almost four years.
According to analysts the development augured well for China's transition to a new generation of Communist Party leaders, after a slowdown that started in last year's first quarter.
The September-October pickup in export growth showed the economy was starting to stabilise, according to commerce minister Chen Deming who spoke at a briefing in Beijing today.
Analysts added, though there were still reasons to be cautious, the robust export growth at around 10 per cent for two consecutive months pointed to a rebound.
The widening trade surplus stood at $31.99 billion dollars in October, as against $27.67 in September and $26.66 billion in August.