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China Merchandise Trade (Oct. 2024)

Export values grew y/y at the fastest pace in more than two years, and export volumes picked up too. We expect shipments to stay strong in the coming months – any drag from potential Trump tariffs may not materialise until the second half of next year. Import volumes ticked up last month and are likely to rise further in the short run as accelerated fiscal spending shores up demand for industrial commodities.

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