China trade data for October 2023

BEIJING – China reported a worse-than-expected decline in exports in October, while imports rose surprisingly this month from a year ago.

China’s customs agency said exports in U.S. dollar terms fell 6.4% in October from a year ago. That’s worse than the 3.3% decline predicted in a Reuters poll.

Imports rose 3% in US dollars in October compared to a year ago. That contrasts with Reuters’ forecast for a 4.8% decline from a year ago.

However, Chinese imports from the US fell 3.7% in October compared to the same period last year, CNBC customs data calculations show.

Chinese imports from the European Union rose by more than 5%, while those from the Association of Southeast Asian Nations grew by 10.2%, the analysis showed.

Overall, Chinese exports have fallen every month on a year-on-year basis this year since May. The last positive print for imports on an annual basis was in September last year.

Chinese exports to Southeast Asia and the European Union fell by double digits in October, according to CNBC calculations based on official data. Exports to the US fell by more than 8%, the analysis showed.

By product, China’s crude oil imports increased in both volume and value, but rare earth imports declined.

Exports of shoes and toys fell, while exports of smartphones and household appliances rose. China’s auto exports continued to grow by double digits in October, but at a significantly slower pace: 50% year-on-year versus more than 60% in previous months.

Moderate global demand for Chinese goods and subdued domestic demand have negatively affected overall Chinese trade.

The world’s second-largest economy reported 4.9% gross domestic product growth in the third quarter, beating expectations and keeping China on track for its official target of around 5% growth this year.

In recent weeks, top policymakers have announced more support for the economy, especially for struggling local governments. Beijing has also taken steps to stabilize its vast real estate sector, which is expected to become a smaller part of the economy in the long term.