China's Exports Declined in October for the First Time in Two Years

China's October Export Data: A Sign of Contraction

China's export figures unexpectedly dropped as of October 2023. This situation was shaped by high base effects, a decrease in companies' front-loaded orders, and increasing trade tensions with the United States. In particular, the tensions between the two countries have escalated without an agreement being reached.

Export Targets Left Behind

Shipments abroad fell by 1.1 percent year-on-year in October, measured in U.S. dollars. This marks the first export contraction recorded since March 2024. Economists had projected a growth of 3% in response to this decline.

Import Figures Showed an Increase

On the other hand, import figures showed a 1 percent increase in October. However, this was below the expected growth rate of 3.2%. The increase in imports was limited by the prolonged stagnation in the housing market and weak labor market conditions. Last month, in September, the import rate had risen by 7.4%.