According to customs officials, China’s exports decreased in October for the first time since the middle of 2020, as a domestic slowdown and the potential for a worldwide recession hurt foreign trade.
As per the General Administration of Customs, exports decreased by 0.3 percent year over year in October, a sharp decline from the 5.7 percent increase in September and much below experts’ estimates.
Imports decreased 0.7 percent year over year in October, falling short of September’s 0.3 percent gain and marking the first time since March this year that imports were negative.
The decline in trade occurs as demand for Chinese goods declines on a worldwide scale, energy prices rise, and the United States faces the possibility of a recession.
Sporadic COVID-19 lockdowns have also harmed business confidence and consumer enthusiasm in the second-largest economy in the world.