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Investing.com-- China’s trade balance contracted in October as exports unexpectedly shrank for the first time in 18 months, amid continued pressure from high U.S. trade tariffs and cooling overseas demand.
China’s trade balance was a surplus of $90.07 billion in October, government data showed on Friday. The figure was well below expectations of $96.90 billion, and also fell from the $90.45 billion surplus seen in the prior month.
Chinese exports shrank 1.1% year-on-year in October, the data showed, missing analyst expectations for a 3% increase, and also slowing drastically from an 8.3% jump in September.
The reading marked China’s first monthly drop in exports since March 2024.
The weak trade data came as trade tensions between Washington and Beijing ramped up in October. China was seen placing more restrictions on its rare earth exports, while the U.S. threatened more tariff action against the country.
Still, the two reached an agreement in late-October that will guarantee China’s rare earth exports to the U.S. for at least a year. The U.S. cut its trade tariffs on China by 10%, while Beijing agreed to purchase more agricultural goods, specifically soybeans.
China’s imports grew 1% in October, missing expectations of 3.2% and also slowing drastically from the 7.4% growth seen in September.
Chinese domestic demand remained weak amid sluggish private consumption and limited capital spending, with Beijing seen pledging more stimulus measures to shore up weak growth.