HONG KONG (AP) — China’s exports rose 12.7% in October from a year earlier, the fastest growth in more than two years, according to customs data released Thursday.

The report showed imports fell 2.3% in October from a year earlier, while China’s trade surplus rose to $95.7 billion in October, up from $81.7 billion in September.

Exports far surpassed analyst’s estimates of about 5.5% growth and outpaced September’s growth of just 2.4%. It was the fastest expansion since July 2022.

The outlook for trade has grown more uncertain after Donald Trump won Tuesday’s election, gaining a second term as president. Trump has pledged to increase tariffs on imports from China to 60%.

The growth in October’s exports signaled sustained demand for Chinese goods abroad, while demand in the domestic market remains subdued.