China’s exports and imports contracted less than expected in October, providing some relief for the export-reliant economy as Beijing tries to reach a partial trade deal with Washington.
But even if a first phase U.S.-China trade deal is signed soon, economists say it is unlikely to help boost exports and manufacturing for some time and could still mean more stimulus is needed from Beijing to avert a sharper downturn
China’s exports in October fell 0.9% from a year earlier for the third straight month, customs data showed on Friday. Economists polled by Reuters had expected a 3.9% fall following September’s 3.2% contraction.
Analysts say the existing tariffs, including the latest additional levies by the United States on Chinese imports from Sept. 1, have hit the country’s outbound shipments, along with stubbornly weak global demand.
Friday’s data also showed China’s imports shrank 6.4% from a year earlier for the sixth consecutive month, compared with an expected drop of 8.9% and September’s 8.5% decline.
The weak import figures are in line with recent readings on shrinking factory activity and bleak producer prices. The slowdown points to lingering weakness in domestic demand and the limited impact of policy stimulus so far.
That left China with a trade surplus of $42.81 billion in October, versus September’s $39.65 billion surplus. Analysts had forecast a $40.83 billion surplus.
(REUTERS)
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