Chinese exports fell last month for the first time since the US imposed its “Liberation Day” tariffs in April.
Exports had boomed this year, and economists had projected another month of growth, with declining trade with the US offset by increased shipments to the rest of the world. But falling prices, particularly for some of China’s most important exports such as batteries, cars, and solar panels, meant the value of exports fell 1.1% in October year-on-year, although the physical volume of exports has continued to increase.
A recent trade truce with the US is expected to further boost exports, which Beijing is particularly reliant on as the Chinese economy struggles with a property slowdown, high youth unemployment, and weak consumer confidence.
