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China’s Oct exports and imports contract, missing expectations

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BEIJING — China’s exports in October dropped 0.3% from a year earlier, while imports shrank 0.7%, both missing expectations, customs data showed on Monday.

Analysts in a Reuters poll had expected exports to increase 4.3% after a 5.7% rise in September due to softening external demand.

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Imports were expected to have ticked up just 0.1%, slowing from 0.3% growth in September, pressured by weak domestic consumption and a property sector slump.

China posted a trade surplus of $85.15 billion last month, versus a forecast for a $95.95 billion surplus in the poll. The country reported a $84.74 billion surplus in September. (Reporting by Ellen Zhang and Ryan Woo; Editing by Shri Navaratnam)

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