BEIJING: China’s exports shrank in October, the first such decline since mid-2020, customs authorities said Monday, as domestic slowdown and the threat of global recession hit international trade.
Exports fell 0.3% year-on-year in October, according to the General Administration of Customs, a steep drop from September’s 5.7% increase and well below analysts’ expectations.
Year-on-year imports were down 0.7% in October, negative for the first time since March this year and down from September’s 0.3% growth.
The slowdown in trade comes as global demand for Chinese products weakens with energy prices soaring and the US facing the threat of recession.
Sporadic Covid-19 lockdowns have also hurt consumer enthusiasm and business confidence in the world’s second-largest economy.