Weak global demand caused China’s exports to fall. Compared to the previous year, exports fell by 0.3 percent.
China’s exports fell unexpectedly in October. As reported by the Beijing Statistics Office, the exports of the second largest economy fell by 0.3 percent in US dollars compared to October last year.
Although analysts had expected a slowdown, they still expected exports to grow. Imports also declined, falling by 0.7 percent compared to October of the previous year.
Observers cited weak global demand as the reason for the decline. In addition, the continued strict corona restrictions in China would lead to ongoing problems in the supply chains. The Chinese export machinery had already lost momentum in the previous months.
China’s trade with Germany also fell noticeably again in October by 5.7 percent. Chinese exports to Germany fell by 10.9 percent. China’s imports from Germany, on the other hand, rose slightly by 0.5 percent. While Chinese exports to the European Union fell 7.7 percent, China’s imports from Europe fell 5.1 percent.
China’s foreign trade with the USA fell particularly sharply by 10.4 percent. Chinese exports to the US fell 12.6 percent, while imports from the US fell 1.5 percent.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
