Press Release (ePRNews.com) - Shanghai, China - Oct 17, 2017 - China’s import and export growth increased last month, indicating that the world’s second-largest economy is still growing at a robust pace in spite of predictions of an eventual slowdown.
According to the data released by Shanghai, China based Hamilton Crawford, there are also strong signs of further improvement in the worldwide economy with business activity and demand increasing significantly this year in both the US and Europe.
The positive readings will be well received by Beijing as it prepares for its Communist Party Congress which is to be held next week. It is anticipated that President Xi Jinping will solidify his power and reveal his government’s most pressing political and economic agendas for the next five years.
Imports grew by 18.7 percent last month from a year earlier, surpassing analysts’ expectations of a 13.5 percent increase and accelerating from 13.3 percent in the month before.
Hamilton Crawford analysts stated that this gain was stronger than even the most optimistic predictions.
Exports in September increased by 8.1 percent, lower than expectations of 8.8 percent but still the greatest increase in three months and 2.6 percent more than that of the month before.
Yet again, China’s imports were powered by industrial products as a construction boom lasting 12 months shows no indications of slowing. Factory activity remains strong, increasing demand for materials such as copper and steel.
Elevated commodity prices significantly enhanced the strength of the bounce, but volumes increased, too, indicating a firm underlying demand.
The General Administration of Customs stated that China’s foreign trade will probably expand at a double-digit pace in 2017 if current conditions persist.
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