By Tuba Sahin
ANKARA (AA) – China’s exports and imports both unexpectedly declined for the first time in more than two years this October.
Exports fell 0.3% year-on-year, the first slump since May 2020, according to data released by the General Administration of Customs on Monday.
Weak overseas demand due to surging inflation and recession risks meant the figure badly missed the estimate of 4.3% gain after September’s strong growth of 5.7%.
Imports decreased for the first time since August 2020, down 0.7% from a year ago, as China’s stringent coronavirus curbs dented client demand and disrupted factory operations.
Market estimate for imports was a 0.1% annual rise in October.
China’s overall trade surplus stood at $85.2 billion in October, up from $84.54 billion a year ago, but well below a forecast of $95.95 billion.