Business Maverick: China’s export growth unexpectedly contracts as demand wanes

Exports in dollar terms fell 0.3% in October from a year earlier, the customs authority said on Monday, well below the 4.5% gain projected by economists and down from September’s 5.7% increase. Imports also fell, with the 0.7% decline the first drop since August 2020. The trade balance climbed slightly to $85.1-billion last month from $85-billion in September.

The weakness in exports adds to the pressure on the economy, which is already struggling due to the property market slump, persistent disruptions from Covid controls, and weak consumer spending. Resilient exports had been a major support to China’s recovery in the past two years due to strong international buying, but that looks to have reversed as demand from the pandemic disappeared just as the war in Europe boosted global inflation and uncertainty.

The momentum is expected to weaken further, according to commerce ministry spokeswoman Shu Jueting. “The risk of external demand growth slowing is increasing” in the fourth quarter, she said at a regular briefing last month. The environment for trade was getting increasingly complex for China and uncertainties are still increasing, she said, citing slowdown in world economic and trade growth.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Tanzania: Zanzibar Eyes Competitive Seaweed BusinessZANZIBAR President Dr Hussein Mwinyi has expressed his government commitment to strengthening seaweed farming and called upon the US government to support the efforts, especially by boosting production and value addition of the commercial crop.
La source: allafrica - 🏆 1. / 99 Lire la suite »

How to Start Your Own BusinessStarting a business is no easy feat, but with the right preparation, it can be a lot easier. This guide will teach you everything you need to know about getting started: AutoandGeneral
La source: CapeTownEtc - 🏆 17. / 63 Lire la suite »

Renault targets €10bn valuation for EV business AmpereThe company is said to be preparing the entity for a potential initial public offering on the Euronext Paris exchange in 2023
La source: BDliveSA - 🏆 12. / 63 Lire la suite »

TERENCE CORRIGAN: Small business: the (underdiscussed) land questionThe obstacles and blockages must be cleared to enable a vibrant small business and entrepreneurial culture
La source: BDliveSA - 🏆 12. / 63 Lire la suite »

Business Day partners with Sanlam, Intellidex to launch ESG BarometerSA is an outlier on some global environmental, social and governance (ESG) measures. To implement this economy destroying rubbish here where it is least affordable.
La source: BDliveSA - 🏆 12. / 63 Lire la suite »