Lackluster global demand for Chinese goods and muted domestic demand have dragged down China’s overall trade.
BEIJING — China reported a worse-than-expected drop in exports in October, while imports surprisingly rose for the month from a year ago.
China's customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That's worse than the 3.3% drop predicted by a Reuters poll. Imports rose by 3% in U.S. dollar terms in October from a year ago. That's in contrast to the Reuters' forecast for a 4.8% drop from a year ago.
China's exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe world's second-largest economy reported 4.9% growth in gross domestic product in the third quarter, beating expectations and keeping China on track for its official target of around 5% growth this year.. Beijing has also taken steps to stabilize the massive real estate sector, which is expected to become a smaller part of the economy in the long term.
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