China surprised analysts in October as its exports soared by 12.7%, outpacing the expected 5.2% growth, while imports took a nosedive by 2.3%, marking a steeper decline than the anticipated 1.5%. The country’s custom agency reported the figures on Thursday.
In October, the Chinese economy showed signs of recovery with the official purchasing managers’ index reaching 50.1, surpassing both September’s 49.8 and analysts’ 49.9 forecasts, indicating an expansion for the first time since April.
This positive development comes amidst efforts by Chinese officials to stimulate the economy through various measures like interest rate cuts, reduced cash reserve requirements, and relaxed property purchase regulations, in light of domestic consumption weaknesses and a lingering property crisis.
