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Image Source : China Visual
BEIJING, November 4 (TMTPOST) — Dragged by weakening global demand and other factors, China has seen its first decline in export growth year-on-year since June 2020, according to data released by the General Administration of Customs of the People"s Republic of China (GACC) on Monday.
According to the GACC, exports in October fell 0.3% year-on-year, down 6.0 percentage points from September. Imports fell 0.7% year-on-year. The trade surplus for the month expanded by $410 million to $85.15 billion.
Export growth in yuan terms, supported by the recent depreciation of the yuan, slowed by 3.7 percentage points to 7.0% in October. While import growth accelerated by 1.6 percentage points year-on-year to 6.8%, achieving a trade surplus of 586.81 billion yuan ($81.27 billion) in the month, an increase of 13.24 billion yuan ($1.83 billion).
Both import and export performance in October was missing market expectations. According to Caixin Media"s previous survey of 14 domestic and international institutions, the average number of economists" forecasts for October"s year-on-year export growth rate was 3.2%, with a forecast range of -2.0% to 5.0%. The average number of forecasts for the year-on-year import growth rate was -0.3%, with a forecast range of -2.0% to 2.0%. The average number of forecasts for the trade surplus was $94.06 billion.
China"s export growth rate to major developed economies in October declined on different levels. Exports to the United States shrunk by 1.0 percentage points to 12.6%, a third-straight month of decline. Export growth rate to the EU and Japan fell to -9.0% and 3.8% respectively. Compared to the energy shortage brought about by part of the order change, the slowdown in demand due to the economic downturn in Europe has had a greater impact on China"s exports. Similar to September, China"s exports to its largest trading partner by region ASEAN jumped by about 20% in October from last year.
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