China’s exports contracted in October for the first time since the early stages of the Covid-19 pandemic, a sign of mounting pressure on an economy still gripped by strict antivirus measures.
Exports in dollar terms fell 0.3 per cent year on year last month, official data showed on Monday, compared with an economists’ forecast of 4.5 per cent growth and a 5.7 per cent gain in September. The figure last fell in May 2020.
China’s trade has supported its economy throughout the pandemic. Its exports skyrocketed in 2020 and 2021 as global markets shifted to buying goods rather than services.
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