China's October Exports Down 6.4% YoY... Imports Up 3% (Update)

Due to the delayed global economic recovery and other factors, China's exports continued to decline last month. Imports, supported by a recovery in domestic demand, turned to an increase for the first time in a year, resulting in China's trade surplus reaching its lowest level in 1 year and 6 months.

According to the General Administration of Customs of China on the 7th, China's export value in October decreased by 6.4% compared to the same month last year. This figure is lower than both the previous month's figure (-6.2%) and the forecast (-3.1%). The decline in China's exports has continued for six consecutive months since May due to the delayed global economic recovery and U.S. sanctions against China.

[Image source=Yonhap News]

In the same month, import value increased by 3.0% year-on-year, significantly exceeding both the forecast (-5.4%) and the previous month's figure (-6.2%). Imports had shown negative growth rates continuously from October last year through September but have risen for the first time in a year. This is interpreted as being supported by the recent recovery in China's domestic demand.

Accordingly, China's trade balance in October recorded a surplus of $56.53 billion (approximately 73.8564 trillion KRW), falling short of the forecast ($82 billion). It also significantly decreased compared to the previous month ($77.71 billion). This is the lowest level in 1 year and 6 months since April last year ($51.12 billion).

This content was produced with the assistance of AI translation services.