One of world’s largest exporters, China, reported worse-than-expected trade data, as October exports went into a more negative direction of $3.1 million or 6.4% YoY lower, which is almost double the Reuters poll expectation of 3.3%. China exports have reported a consecutive negative value since June of this year.
Meanwhile, China October imports rose by 3% YoY to $6.4 million, opposite to the Reuters poll expectation of 4.8% drop. The import increase is despite the recent trade tension between China and the west, that should reduce trade between them as the data reported an increase in EU import more than 5% and SEA import increase by over 10%. This is the first month of the year that China reports a positive import.
The trade balance of China in October showed a deficit of $56.53 billion, which is lower than the $82 billion of trade surplus expectation and the $77.71 billion in September. China’s trade balance has fallen since March of this year which is over $115 billion.
