China's exports increased by 35.2 percent on an annual basis in October

The General Administration of Customs of China announced foreign trade data for October.

Accordingly, in this period, the country's exports increased by 35.2 percent on an annual basis to 412.3 billion dollars, and its imports increased by 41.6 percent to 307 billion dollars.

The country's exports continued their strong growth momentum in previous months in October. During this period, China's exports to the USA, one of its largest trading partners, increased by 32.9 percent, to the Association of Southeast Asian Nations (ASEAN) by 46.3 percent, and to European Union (EU) countries by 24.4 percent.

The country's imports have also continued to increase since the beginning of the year. The increase in imports is due to the rise in global energy and raw material prices.

Although crude oil imports decreased by 13.3 percent in quantity in October, the monetary value of imports increased by 41 percent due to the price increase. During this period, natural gas imports increased by 50.2 percent, coal imports by 60 percent, and copper imports by 23.1 percent.

While infrastructure hardware and parts used in artificial intelligence systems hold an important place in China's exports, imports of data processing hardware and integrated circuits used by the country for its own systems have increased.

Foreign trade surplus exceeded 1 trillion dollars

The foreign trade surplus, which was 105.3 billion dollars in October, reached 1.04 trillion dollars in 10 months, exceeding the 1 trillion threshold. China's foreign trade surplus exceeded the 1 trillion dollar threshold in November last year and reached 1.19 trillion dollars at the end of the year.

After a good start to the year, China's exports slowed down with an increase of 2.5 percent in March, when the first effects of the war in the Middle East were felt, and then showed a strong recovery with an increase of 14.1 percent in April. The country's exports continued its strong momentum, increasing by 19.4 percent in May, 27 percent in June, 23.9 percent in July, 25 percent in August and 36.3 percent in September.

After increasing by 19.8 percent annually in the first two months of the year, imports increased by 27.8 percent in March, 25.3 percent in April, 24.3 percent in May, 36 percent in June, 27.5 percent in July, 28.2 percent in August and 31 percent in September since the effects of the war were seen.