China's October Exports and Imports Both Negative... Impact of Quarantine and Economic Slump

[Image source=Yonhap News]

[Asia Economy Beijing=Correspondent Kim Hyunjung] China's export and import indicators for October all fell into the negative. This is attributed to the impact of zero-COVID prevention measures and the global economic slowdown.

According to the General Administration of Customs of China on the 7th, China's export volume in October was $298.37 billion, a 0.3% decrease compared to the same month last year. This figure is significantly below both the market expectation (4.3%) and the previous month's figure (5.7%).

During the same period, China's imports amounted to $238.01 billion, down 0.7% year-on-year. This also fell short of the market expectation (0.1%) and the previous month's figure (0.3%).

Accordingly, China's trade surplus in October was approximately $85.15 billion. Although this increased compared to the previous month ($84.74 billion), it was below the expected figure ($95.95 billion).

China's exports had maintained double-digit growth this year except for April (3.9%), when Shanghai was under lockdown, but due to the decline in global demand, the growth rate dropped to single digits starting from August. The growth rates were 18.1% in July, 7.1% in August, and 5.7% in September.

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