Chinese trade data for October 2023

BEIJING – China reported a worse-than-expected decline in exports in October, while imports rose surprisingly for the month compared with last year.

China’s customs agency said exports in US dollars fell by 6.4% in October compared to last year. That’s worse than the 3.3% decline expected in a Reuters poll.

Imports rose by 3% in US dollar terms in October compared to last year. This contradicts Reuters’ forecasts of a 4.8% decline from last year.

However, China’s imports from the United States fell by 3.7% in October compared to the same period last year, CNBC calculations of customs data showed.

The analysis showed that China’s imports from the European Union rose by more than 5%, while China’s imports from the Association of Southeast Asian Nations grew by 10.2%.

Overall, China’s exports fell year-on-year every month this year starting in May. The last positive reading for imports on an annual basis was in September of last year.

China’s exports to Southeast Asia and the European Union fell by double digits in October, according to CNBC’s calculations of official data. The analysis showed that exports to the United States decreased by more than 8%.

In terms of product, China’s crude oil imports increased in volume and value, but rare earth imports declined.

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

Weak global demand for Chinese goods and weak domestic demand have led to a decline in China’s overall trade.

The world’s second-largest economy announced 4.9% growth in gross domestic product in the third quarter, exceeding expectations and keeping China on track to achieve its official goal of growing by about 5% this year.

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