BEIJING (AP) – China’s exports fell again in October in a fresh sign that weak global demand is complicating efforts by Beijing leaders to shore up economic growth and reduce reliance on trade and investment.
Exports contracted by 7.3 percent from a year earlier to $178.1 billion, an improvement from September’s 10 percent decline, customs data showed Tuesday. Imports fell 1.4 percent to $129.1 billion, compared with the previous month’s 1.9 percent decline.
“Goods exports improved somewhat in October after the major setback in September, but not enough to prevent a further loss of momentum and underscoring that the recent trend toward somewhat stronger global demand growth remains fragile,” Louis Kuijs of Oxford Economics said in a report.
Growth in the world’s second-largest economy held steady at 6.7 percent in the three months ending in September, but that was the lowest quarterly level since the 2008 global crisis. Growth was shored up by consumer spending and a bank lending boom but forecasters expect it to weaken because regulators are trying to cool a surge in real estate prices and credit.
Exports for the first 10 months of this year are down 7.7 percent from the same period of last year, while imports are off 7.5 percent.