China's imports rose in October while exports fell for a sixth straight month compared with a year earlier, though that was partly due to lower export prices.
Customs data released Tuesday showed imports climbed 3% from a year earlier to $218.3 billion, while exports fell 6.4% to $274.8 billion. The trade surplus of $56.5 billion was down more than 30% from $77.7 billion in September.
Exports had fallen 6.2% year-on-year in September.
Overall, China’s foreign trade has remained sluggish this year as global demand has slackened and a recovery has stalled despite the country’s reopening after its strict COVID-19 controls were lifted late last year.
Total trade in January-October, including both imports and exports, rose a mere 0.03%, Tuesday’s data showed.
China’s property sector remains a drag on the economy, with sales slumping and developers struggling to repay massive amounts of debt.
The central bank has eased borrowing rules and cut mortgage rates for first-time home buyers while providing some tax relief measures for small businesses. Late last month, it announced plans to issue 1 trillion yuan ($330 billion) in bonds for infrastructure projects and disaster prevention, dipping deeper into deficit to try to nudge the economy into higher gear.
Demand for Chinese exports has weakened since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.
At the same time, imports have remained weak. October's 3% increase was the first monthly increase since September 2022, and a big improvement from a 6.2% decline in September.
© OfficialAffairs
