CHINA's trade data for October offered a mixed picture for the economy's outlook, as an unexpected pickup in imports was offset by signs that global demand for Chinese goods is struggling to gain traction, reports Caixin.
Imports rose three per cent year on year, the first gain in eight months and bucking the consensus forecast for a drop. But overseas export shipments dropped 6.4 per cent, worse than expectations. The resulting trade surplus was US$56.5 billion.
"Exports conditions remain fragile," said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered. "We'll need more real activity data to verify whether the strong imports data indicates a recovery in domestic demand."
The data underlines the fragility of the recovery in the final three months of 2023. Import growth suggests domestic demand may be recovering, but the decline in exports was a big disappointment for a period that should have been more favourable: This October compared to a month in 2022 when the pandemic and controls to contain it disrupted logistics and production.
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