Exports dropped by 7.3 per cent in October compared to a year before as demand declines in the United States, the European Union, and Japan. Imports also go down by 1.4 per cent.
Beijing (AsiaNews/Agencies) – Although the yuan lost about 1.5 per cent against the US dollar last month, Chinese exports still dropped 7.3 per cent in dollar terms compared to a year earlier. October’s decline follows a fall of 10 per cent in September,
According to China’s General Administration of Customs, exports to China’s top three destinations, namely the United States, the European Union and Japan, dropped in October 5.6 per cent, 8.7 per cent and 3.3 per cent, respectively, compared with the year before.
Exports to the Association of Southeast Asian Nations declined only 0.9 per cent – much less than the 10.8 per cent reduction recorded in September.
China’s imports also dropped 1.4 per cent in October in dollar terms.
Overall, this still leaves the country with a huge trade surplus of US$ 441.6 billion in the first 10 months of the year.