(Yicai) Nov. 12 -- China’s trade jumped again last month, buoyed partly by the technology sector, with momentum likely to moderate in the coming months as year-earlier comparative bases rise.

Imports and exports reached USD719.38 billion in October, up 38 percent from a year ago, with the highest import growth seen since May 2021, according to data released by the General Administration of Customs.

Exports jumped 35 percent to USD412.33 billion, compared with a 36 percent rise in September. Imports surged 42 percent to USD307.05 billion, versus a 31 percent increase the previous month. The trade surplus stood at USD105.28 billion.

In the first 10 months of this year, trade reached USD6.52 trillion, up 25 percent from the same period last year. Exports rose 23 percent to USD3.78 trillion, with the growth led by integrated circuits, automatic data processing equipment, and components related to artificial intelligence. Last month alone, exports of these products doubled year on year.

Imports from January to October amounted to USD2.74 trillion, up 29 percent.

Trade with the Association of Southeast Asian Nations totaled USD1.12 trillion in the 10 months, up 30 percent from a year ago, the GAC data showed. Trade with the European Union reached USD769.37 billion, up 13 percent, and with the United States it was USD522.7 billion, up 11 percent.

In the same period, imports and exports between China and countries co-developing the Belt and Road Initiative jumped 24 percent to USD3.33 trillion.

Exports of AI-related products remain robust, but year-on-year growth in export prices may have peaked, China International Capital Corporation said in a research report. In terms of imports, the Middle East conflict drove up energy prices, and the increase in energy imports was the main contributor to the increase in October.

Looking at the last two months of the year, growth in AI-related exports may slow as the comparative bases from a year earlier rise alongside a potential cooling of AI investment in the United States. The China-US trade truce is also now set to expire in January.

Editor: Tom Litting