Stock Track | China's Booming Exports Fuel Rally in Chinese Stocks and ETFs

Stock Track11-07

Chinese stocks and exchange-traded funds (ETFs) focused on China rallied on Wednesday after the country reported stronger-than-expected trade data for October, driven by a surge in exports.

China's trade surplus soared to $95.27 billion in October 2024, up from $56.13 billion a year earlier and beating expectations of $75.1 billion. The larger-than-anticipated surplus was primarily fueled by a 12.7% year-over-year jump in exports to $309.06 billion, a 27-month high and significantly higher than the forecast of 5% growth.

The robust export performance, which outpaced a 2.3% decline in imports, suggests resilient global demand for Chinese goods and signals the country's continued recovery from the COVID-19 pandemic. The strong trade data boosted investor confidence in the Chinese economy, driving a rally in Chinese stocks and ETFs like the iShares China Large-Cap ETF (FXI), which surged 5% on the day.

Other China-focused ETFs that saw gains on the back of the positive trade report include the KraneShares CSI China Internet ETF (KWEB), the Invesco China Technology ETF (CQQQ), and the iShares MSCI China ETF (MCHI). China's currency, the yuan, also strengthened against the U.S. dollar following the release of the trade figures.

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