2023-11-07 02:31:04 ET
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China's trade surplus in October 2023 narrowed sharply to $56.53 billion from $82.35 billion in the same period the previous year, far below market forecasts of $82 billion and marking the smallest trade surplus since February, as exports fell more than expected, reflecting persistent weak demand from abroad while imports unexpectedly grew.
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Exports from China dropped by 6.4% y/y to $274.83 billion in October 2023, faster than a 6.2% fall in the previous month and worse than market forecasts of a 3.3% decline. This marked the sixth consecutive month of declining exports, reflecting persistent weak demand from abroad.
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Imports into China unexpectedly rose by 3.0% y/y to $218.3 billion in October 2023, beating market consensus of a 4.8% drop and swinging from a 6.2% drop in September. This was the first growth in purchases since February following efforts from Beijing to stimulate domestic demand and signs of stockpiling.
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Considering January - October, the country's trade surplus narrowed by 2.7% to $684.04 billion, with exports shrinking 5.6% while imports declined 6.5%.
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ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).
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Currency: ( CNY:USD )
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More on China economy:
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China factory activity unexpectedly drops in October amid weak demand
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China manufacturing unexpectedly shrinks, services miss forecast in October
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China unveils fresh stimulus, but economic growth fears linger
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China’s industrial profit growth drops at softer pace in first nine months amid policy support
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China's surplus shrinks in October as exports fall further while imports surges unexpectedly