China’s exports shrink in October, badly missing expectations for growth

A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020.

Martin Pollard | Reuters

BEIJING — China’s exports fell by 0.3% in October from a year ago, missing Reuters expectations for a 4.3% increase.

The decline in U.S.-dollar terms last month marked the first year-on-year drop since May 2020, according to Refinitiv Eikon data.

Imports fell in October by 0.7% in U.S.-dollar terms, also missing expectations for slight growth of 0.1%.

The yuan weakened by nearly 3% against the U.S. dollar in October, according to Refinitiv Eikon.

In yuan terms, exports rose by 7% and imports by 6.8%, customs data released Monday showed.

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Last week, Barclays cut its forecast for China’s economic growth next year on expectations that falling demand from the U.S. and EU would prompt a drop of at least 2% in China’s exports.

This is a breaking news story. Please check back for updates.

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