China’s exports fall in October as firms wait out Xi-Trump summit, trade war reset
Outbound shipments fell short of forecasts, while Beijing and Washington have since paved the way for a de-escalation
China’s exports fell in October amid a volatile trade war with the United States – though recent high-level talks between the world’s two largest economies have since eased tensions.
Outbound shipments fell 1.1 per cent year on year to US$305.35 billion last month, customs data showed on Friday. That figure was lower than September’s 8.3 per cent increase – a six-month high – and fell short of the 2.84 per cent growth forecast by Chinese financial data provider Wind.
Imports in October stood at US$215.28 billion, rising 1 per cent year on year from September’s 7.4 per cent and missing Wind’s 4.49 per cent forecast. China’s trade surplus came in at US$90.07 billion.
Analysts said exports may have weakened as the boost from front-loading shipments to beat US tariffs faded, along with the recent appreciation of the yuan.
“The exporters in China have been front-loading their trade in order to avoid high tariffs in the US. It seems the front-loading finally faded in October,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.
Exports to the US continued to fall in October, declining 25.2 per cent year on year, compared with a 27 per cent decline in September.