China’s exports unexpectedly fell 0.3% in October, providing further evidence that the country’s
economy is slowing down.
The 0.3% decline in October exports represented a big miss from the 4.3% increase forecast by
economists.
The October drop was also a big decline from a 5.7% annual increase in September, and the
first year-over-year decrease for China’s exports since May 2020, according to Refinitiv data.
China’s imports in October fell 0.7%, also missing expectations for slight growth of 0.1% and
down from a 0.3% gain in September.
China’s exports to the U.S. fell by 12.6% in October from a year ago, a third consecutive month
of decline. The U.S. is China’s largest trading partner.
China’s exports to the European Union fell by 9% in October after increasing in September.
China’s exports of household appliances plunged by more than 20% in October, while exports
of toys fell by 18% and shoes by 11%.
However, the country’s car exports surged by 60% in the month to 352,000 units.
China’s crude oil imports grew by 14% in October from a year ago, while coal was up 8%. But
imports of natural gas fell by 19% during the month.
