Daily Management Review

Chinese exports fall for the first time since 2020


Despite analysts' expectations for a 4% gain, Chinese exports actually decreased by 0.3% in October.

According to data from China's General Administration of Customs, the South China Morning Post reported that China's exports decreased by 0.3% year over year to $298.37 billion in October.

China's exports fell in contrast to analysts' expectations, which expected the upward trend to continue. Experts had predicted a 3.7% increase in exports, according to Wind. The Wall Street Journal surveyed forecasters, who predicted a 4% gain.

Compared to the same period last year, Chinese exports grew by 5.7% in September. According to SCMP, the decline in October was the first since May 2020, when shipments decreased by 3.3% as a result of lockdowns and the start of the epidemic.

According to Zhiwei Zhang, president and senior economist at Pinpoint Asset Management, the decline in exports can be ascribed to both sluggish global demand and supply disruptions brought on by fresh COVID-19 outbreaks. According to his forecast, "when the global economy slows down over the next six months, export growth will stay poor."

source: scmp.com