''China’s latest trade figures are out, showing export growth rebounded more than expected in October, and suggesting that the economy is back on track.
Exports increased by 5.6 percent year-on-year last month, data from the General Administration of Customs showed on Friday.
Imports, meanwhile, rose 7.6 percent on an annual basis.
Overall, trade volume reached more than 21 trillion yuan, or 3.5 trillion U.S. dollars in the first ten months, which is up 7.6 percent year on year.
"In October, China’s total trade volume rebounded to 6.5 percent in October from September’s 3.3 percent, suggesting a stable trend. The growth rate of exports also climbed from September’s 0.3 percent to 5.6 percent in October. This reflects an improvement in external demand, which could help ease pressure on exporters," Huang Guohua, Deputy Inspector of General Administration of Customs, said.
Private firms contributed to the biggest bulk in trading activity. According to the customs data, trade volumes of private firms jumped more than 22 percent from a year earlier, higher than state-owned companies and multinationals.
"China’s trade entities are upgrading and diversifying. This reflects that China’s trade is depending less on Foreign Direct Investment companies, but explore more strength domestically," Huang said.
Huang also said that China’s economic recovery is stimulating commodity imports, especially for energy and resource products''.
