Sharjah24 – AFP: China's exports shrank in October, the first such decline since mid-2020, customs authorities said Monday, as a domestic slowdown and the threat of global recession hit international trade. Official data showed last week that China's factory activity shrank in October, which the National Bureau of Statistics blamed on virus outbreaks last month.
Exports fell 0.3 percent year-on-year in October, according to the General Administration of Customs, a steep drop from September's 5.7 percent increase and well below analysts' expectations.
Year-on-year imports were down 0.7 percent in October, negative for the first time since March this year and down from September's 0.3 percent growth.
The slowdown in trade comes as global demand for Chinese products weakens with energy prices soaring and the United States facing the threat of recession.
Sporadic Covid-19 lockdowns have also hurt consumer enthusiasm and business confidence in the world's second-largest economy.
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