Chinese exports fall for the first time since 2020

November 7, 2022

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Chinese exports fall for the first time since 2020

China’s exports unexpectedly fell in October, with a drop in the value of goods sold to the U.S. and the EU.

Surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption.

The drop marked a sharp decline from a 5.7% year-on-year increase in September, and the first year-on-year drop since May 2020

Last month, imports fell in October by 0.7% in U.S.-dollar terms, also missing expectations for slight growth of 0.1% and down from a 0.3% increase in September.

China’s exports to the European Union fell by 9% in October, after growing in September.

In the three months to the end of September, China’s economy grew just 3.9 per cent year on year, below a 5.5 per cent target that was already the lowest in three decades.

Lockdowns of big cities to contain small outbreaks have weighed on consumer demand, with retail sales adding just 2.5 per cent in September.

China on Friday launched its fifth International Import Expo in Shanghai, a vast conference that hosts thousands of foreign and domestic companies.

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