China Experiences Unexpected Drop in Exports in October, Imports Surprisingly Rise
BEIJING – In a surprising turn of events, China has reported a worse-than-expected decrease in exports for the month of October, while imports unexpectedly rose compared to the same period last year.
According to China’s customs agency, exports in U.S. dollar terms fell by 6.4% in October, a figure considerably worse than the 3.3% drop that had been predicted by a Reuters poll.
Contrarily, imports saw a 3% rise in U.S. dollar terms for the same month, contradicting Reuters’ forecast of a 4.8% decrease from last year.
However, China’s imports from the United States decreased by 3.7% in October compared to the same period last year, as indicated by CNBC’s calculations based on customs data.
On the other hand, imports from the European Union saw an increase of over 5%, while imports from the Association of Southeast Asian Nations grew by 10.2%, as stated by the analysis.
China’s exports have been consistently declining on a year-on-year basis since May, while the last positive growth in imports on a year-on-year basis was reported in September 2022.
This decline in China’s overall trade can be attributed to lackluster global demand for their goods, coupled with muted domestic demand.
Despite these challenges, China’s economy remains on track to achieve its official growth target of around 5% this year, as it reported 4.9% growth in gross domestic product for the third quarter, surpassing expectations.
In recent weeks, Chinese policymakers have unveiled additional measures to support the economy, specifically focusing on aiding struggling local governments. Additionally, Beijing has taken steps to stabilize the immense real estate sector, which is anticipated to play a smaller role in the long-term economy.
Please note that this is a developing news story, and updates will follow.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
