China’s imports fell nearly 19 per cent in October from a year ago, official data showed on Sunday, underlining battered domestic demand in the world’s second-largest economy where downward pressures
China’s imports fell nearly 19 per cent in October from a year ago, official data showed on Sunday, underlining battered domestic demand in the world’s second-largest economy where downward pressures on economic growth persist.
A key driver of world growth and the planet’s biggest trader in goods, the slowdown in China’s economic expansion has sent jitters across global stock markets and taken a great toll on resource-rich countries for whom the Asian country is a crucial client.
Imports fell 18.8 per cent to $130.77 billion, the 12th consecutive monthly drop in imports, following a 20.4 decrease in September.
Exports, too, continued their losing streak from July, dropping by 6.9 per cent year-on-year in October to $192.41 billion as foreign demand languished, according to figures from the General Administration of Customs.
The decrease in exports was larger than a median forecast of a 3.2 per cent decline, a survey of economists by Bloomberg said.
The October trade surplus rose to $61.64 billion, driven by the continued drop in imports, the data showed, suggesting that China continues to struggle with improving domestic demand.
