Export decline "shocks" China - Suffers biggest contraction since February, as a result of US tariffs
China's exports shrank in October as the country saw shipments to the United States fall 25%, customs data showed China's global exports fell 1.1% in October from a year earlier, the lowest level since February. The figures come after an 8.3% expansion in September.
China's shipments to the US have fallen by double digits for seven consecutive months, while the country has diversified its export markets to regions such as Southeast Asia and Africa.
The overall decline in exports was also influenced by their high level in the same period last year, which reflected an expansion of over 12.6%.
China's imports rose 1% last month from a year earlier, compared with a 7.4% increase in September. Economists said a prolonged slowdown in the property sector and weak domestic consumption remained concerns.
At their meeting in South Korea in late October, leaders Donald Trump and Xi Jinping reached a deal to reduce tariffs. China suspended some export controls on rare earth metals for a year and agreed to buy more soybeans and other agricultural products from the United States. In return, Washington eased some sanctions on Chinese companies.
Goldman Sachs economists said after the Trump-Xi meeting that they expect Chinese export volumes to grow by 5-6% annually, helping Beijing gain global market share and fueling overall economic expansion.
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