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.

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