Medical supplies are loaded onto a plane heading for Zimbabwe at Huanghua International Airport in Changsha, central China's Hunan Province, May 11, 2020. (Xinhua/Chen Zhenhai)
BEIJING, Nov. 9 (Xinhua) -- China's export is expected to continue to be an important driving force for the country's economic growth, reported China Securities Journal Monday.
Data from the General Administration of Customs of China showed that China's export in October increased by 11.4 percent year on year in U.S. dollars, 1.5 percentage points higher than that in September.
In terms of U.S. dollars, the exports of furniture, toys and garments grew more rapidly, the decline of footwear exports continued to narrow, and the exports of mechanical and electrical products rose by 12.9 percent, according to Zhao Wei, chief economist with Kaiyuan Securities based in northwest China's Shaanxi Province.
The rapid export growth is attributed to the economic recovery of developed countries, the improved export fundamentals of China, the rising overseas demands for epidemic prevention and control supplies caused by the resurgence of the COVID-19 pandemic, and the transfer of export orders to China from some emerging economies severely hit by the pandemic, said Xie Yaxuan, chief macro analyst with China Merchants Securities (CMS, 600999.SH) based in south China's Guangdong Province.
The relatively rigid household consumption in developed economies supports China's export fundamentals, and traditional products, instead of epidemic prevention and control supplies, have gradually become the main commodities contributing to the export growth, noted Xie, adding that the export orders transferred to China is likely to keep increasing as the supply recovery in emerging economies is limited in short term. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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