China’s exports, imports fall in October, exceeding estimates
Imports also posted a decline of 1.4% in October following a 1.9% fall in September, falling for the second consecutive month in October. It exceeded analysts’ preliminary expectations of a 1% drop in imports in a survey conducted by Reuters.
For the January-October period, imports decreased 7.5% from the same period of last year while exports decreased 7.7% in the same period.
China posted a trade surplus of $49.06 billion in October when compared to $41.99 billion in September, below initial expectations of $51.70 billion.
It is reported that the Chinese economy was steadying and some analysts asserted that the decrease in October may stem from the season. However, others suspect the property boom is peaking which led to the decrease in imports.
Noting that the rate of decline slowed in October, economists at ANZ stated, "Our conclusion is that external demand remains sluggish but it has not worsened significantly. Although both exports and imports have fallen short of expectations, they have improved on a year-on-year basis."
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