Economy

October Export Slump in China Exceeds Forecasts, Imports Defy Expectations

Nov, 07, 2023 Posted by Gabriel Malheiros

Week 202342

China’s exports fell more than expected in October, signaling the continuation of issues affecting its economy and a decrease in global appetite for the country’s products.

According to the General Administration of Customs, exports, a critical driver of the world’s second-largest economy, dropped 6.4% in October compared to the same period the previous year. In September, exports had declined by 6.2% year-on-year.

October’s figures were considerably worse than the anticipated 3.5% decline expected by economists in a survey conducted by The Wall Street Journal.

On the other hand, imports increased by 3.0% in October compared to the same month in 2022. This contrasts with a 6.2% drop in September and marks the end of a seven-month contraction period. These data suggest that Beijing’s stimulus measures may have started to revive domestic demand.

Economists surveyed by The Wall Street Journal had predicted a 4.8% decline in imports in October.

As a result, China recorded a trade surplus of $56.5 billion in October, lower than the $77.7 billion surplus in September. Economists had expected a surplus of $82.3 billion.

Source: Valor Econômico

To read the original news report, see: https://valor.globo.com/mundo/noticia/2023/11/07/china-exportao-recua-64-pontos-percentuais-em-outubro-em-base-anual-mercado-esperava-35.ghtml

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