China’s exports fell by more than expected in October, signaling ongoing economic challenges and a decreasing global demand for Chinese products.
Decrease in Exports
According to the General Administration of Customs, China’s exports dropped by 6.4% in October compared to the same period last year. This decline follows a 6.2% decrease in September. Economists predicted a smaller fall of 3.5% based on a Wall Street Journal poll.
Improvement in Imports
In contrast, imports in October showed improvement as they rose by 3.0% compared to a 6.2% fall in September. This positive trend puts an end to seven consecutive months of contraction and is seen as a result of Beijing’s stimulus measures, which appear to have revived domestic demand. The survey conducted by the Wall Street Journal suggested economists expected a 4.8% slide in imports for last month.
Trade Surplus and Expectations
China’s trade surplus for October stood at $56.53 billion, which is narrower than both the $77.71 billion surplus recorded in September and the anticipated $82.33 billion surplus.
These latest export figures reflect the challenging economic conditions faced by China and indicate a decreased global appetite for Chinese goods.