China’s exports in October were well below Reuters expectations, falling by 0.3% compared to a consensus for a 4.3% increase and a sharp downturn from a 5.7% growth in September.
Meanwhile, imports decreased by 0.7% in U.S.-dollar terms, which missed expectations for a 0.1% growth in October.
China’s crude oil imports rose to 43.14 million tonnes in October, representing its first year-on-year growth since May. However, natural gas imports fell to the lowest monthly level in two years, according to data from the General Administration of Customs on Monday.
Weak trade data implies that demand in the world’s second largest economy remains frail overall,while activities and manufacturing were pressured by continuous Covid-19 controls by Chinese authorities, coupled with disaster in the property sector and looming global recession.
