BEIJING: China’s exports in October fell 6.9% year-on-year as imports dropped 18.8%, resulting in a record trade surplus of US$61.64 billion, Reuters reported, citing figures from the General Administration of Customs.
The decline in exports was led by trade with developed economies, indicating that China may be getting less of a boost than hoped from overseas holiday shopping as falling commodity import volumes reflected anemic demand from once-key drivers of growth including real estate and construction, which look less likely to recover despite the central bank having cut interest rates in October for the sixth time in less than a year.
