{"text":[[{"start":9.76,"text":"China’s trade surplus surpassed $1tn in the first 10 months of this year, setting a new record and threatening to increase tensions with partners such as the EU over their fears that low-cost imports are undermining their own industries."}],[{"start":23.16,"text":"China’s year-to-date trade balance was $1.04tn as of October, customs data showed, surpassing the $964.8bn from the equivalent period last year."}],[{"start":34.24,"text":"In the first 10 months of this year, China’s trade surplus with the EU hit a record $310bn, surpassing the $292bn recorded for the whole of last year. Its surpluses with south-east Asia and the US reached $293bn and $266.5bn respectively, up about 34 per cent and 14 per cent year on year."}],[{"start":34.74,"text":"China’s exports soared 35.2 per cent year on year in October, slightly lower than the previous month’s 36.3 per cent and the median forecast of analysts polled by Bloomberg, which was also 36.3 per cent."}],[{"start":70.16,"text":"Imports rose 41.6 per cent on the back of increased energy prices and AI-related shipments into China, up from previous month’s 31 per cent and higher than the median analyst forecast of 33.9 per cent."}],[{"start":83.6,"text":"“The trade surplus came in a little softer than expected but China is still on track to break a new record high for its trade surplus by year-end,” said Lynn Song, chief China economist at ING."}],[{"start":94.38,"text":"He said that in October, high-tech exports rose 66.6 per cent year on year, while semiconductor exports were up 137 per cent against a year earlier."}],[{"start":null,"text":"
"}],[{"start":104.2,"text":"The October trade balance was $105.3bn, lower than the previous month’s $133.5bn, but sufficient to push the year-to-date surplus over $1tn."}],[{"start":115.64,"text":"China’s trade surplus hit a record $1.2tn last year as weak domestic demand left the country’s growing manufacturing sector more dependent on foreign markets."}],[{"start":125.2,"text":"The EU has already retaliated with tariffs on Chinese electric vehicles and a quota on hybrid car imports, with threats of more to come if China’s exports to the bloc continue to rise."}],[{"start":135.5,"text":"Emerging markets are also imposing growing numbers of trade-defence instruments to protect their industries against low-cost Chinese imports."}],[{"start":144.12,"text":"China’s customs data showed that by volume, vehicle exports were among the fastest growing segments in the 10 months to October, rising 50 per cent to 9.74mn units."}],[{"start":156.64,"text":"By value, integrated circuits soared by 111 per cent in the first 10 months of the year as demand for AI-related goods drove up prices, customs data showed. The volume of units shipped rose only 3.2 per cent."}],[{"start":171.6,"text":"Ahead of the data, Citi economists said that any slowdown in the US AI build-out following the Democrat “blue wave” victory in the midterm elections would hurt China’s exports."}],[{"start":182.96,"text":"China’s AI-related exports accounted for 28 per cent of total exports in the first three quarters of this year and contributed 11.9 percentage points to headline export growth."}],[{"start":194.96,"text":"“A midterm-induced slowdown would add downside risk to our export forecasts,” Citi said."}],[{"start":201.4,"text":"Higher oil prices have lifted headline import growth while driving up costs for manufacturers. China’s producer prices index hit a four-year high in October."}],[{"start":211.36,"text":"“The big shift in October was a return of crude oil imports which in dollar terms hit the highest level since May 2022,” said ING’s Song."}],[{"start":null,"text":""}],[{"start":225.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794298609_6201.mp3"}