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CHINA's exports fell for the sixth straight month, adding to pressure on Beijing to boost spending at home as a big rise in global interest rates and wars in Ukraine and the Middle East weigh on the world economy.
The figures add to signs the Chinese economy is still facing difficulties despite a recent pickup in growth. Though officials have expanded stimulus in recent weeks, reflected in a rise in imports, economists say that Beijing will need to do more in the final months of the year to prevent another slowdown as a drawn-out property slump squeezes investment and consumer spending.
China's exports in October, dropped by 6.4 per cent from a year earlier to US$274.8 billion. The decline widened from a contraction of 6.2 per cent in September, missing surveyed expectations of a 3.8 per cent drop, according to Chinese financial data provider Wind, reports Hong Kong's South China Morning Post.
Analysts at Capital Economics said the fall compared to a year ago was primarily due to price effects, with the recent increase in manufacturing capacity and levelling off in demand encouraging exporters to reduce prices.
Exports to the United States dropped by 8.2 per cent, year on year, marking the fifteenth consecutive month of contractions, while exports to the European Union dropped further to minus 12.6 per cent year on year, said HSBC Greater China economist Erin Xin.
"Exports show external demand remains soft. The weakness by countries was still broad-based, and exports to the US and EU, where more end-demand stems from, remained in the doldrums despite a weak base," she said.
China's imports grew by 3 per cent last month to $218.3 billion, up from a 6.2 per cent decline in September and exceeding expectations from Wind for a drop of 4.7 per cent.
"Import volumes surged to a record high, and should remain strong in the near-term as fiscal support boosts commodity demand," said analysts at Capital Economics.
Higher imports saw China's overall trade surplus narrow to $56.5 billion in October, down from US$77.71 billion in September.
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