China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as a perfect storm of COVID curbs at home and global recession risks dented demand and further darkened the outlook for a struggling economy. Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts' expectations for a 4.3% increase. It was the worst performance since May 2020. Inbound shipments declined 0.7% from a 0.3% gain in September, below a forecast 0.1% increase, marking the weakest outcome since August 2020.
Post by: Republic of Türkiye Ministry of Trade