China’s exports decline for first time since march 2024
Exports decreased 1.1% year-on-year to $305.3 billion, according to the General Administration of Customs, while imports rose 1% to $215.2 billion, resulting in a trade surplus of $90.07 billion for the month.
The slowdown follows a strong September, when exports surged 8.3% and imports grew 7.4%, driven by accelerated pre-orders amid concerns that US-China tariff negotiations might collapse.
Shipments to the United States fell sharply again in October, dropping 25.2% year-on-year, continuing a steep decline observed over the past months, including decreases of 21.7% in July, 33.1% in August, and 27% in September.
Tensions heightened after Beijing implemented new restrictions on rare earth exports, a sector where China dominates global supply. In response, US President Donald Trump announced a 100% tariff on Chinese goods starting Nov. 1 and suspended exports of critical software to China.
Although a meeting between Trump and Chinese President Xi Jinping on October 30 in Busan, South Korea, produced positive public statements, both sides delayed decisions on the core economic issues driving the dispute.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
