Chinese customs data for October released on Monday revealed a surprisingly steep drop in both imports and exports.
Chinese customs data for October released on Monday revealed a surprisingly steep drop in both imports and exports, the latter contracting for the first time since the early days of the Wuhan coronavirus pandemic in 2020. Analysts said China’s ongoing coronavirus lockdowns, combined with a worldwide economic slowdown and disruptions from the Russian invasion of Ukraine, contributed to the dismal numbers.
Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts’ expectations for a 4.3% increase. It was the worst performance since May 2020. The data suggests demand remains frail overall, and analysts warn of further gloom for exporters over the coming quarters, heaping more pressure on the country’s manufacturing sector and the world’s second-biggest economy grappling with persistent COVID-19 curbs and protracted property weakness.
Chinese exporters weren’t even able to capitalize on a prolonged weakening in the yuan currency since April and the key year-end shopping season, underlining the broadening strains for consumers and businesses worldwide.China’s exports to the United States fell by 12.6 percent year-on-year in October, while the European Union was down nine percent, while China’s shipments to the Association of Southeast Asian Nations actually increased 20 percent in October.
“Other bellwether exporters in Asia, such as South Korea and Taiwan, have also reported faltering overseas sales, pointing to a broad slowdown in trade as the global economy loses momentum,” the
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