China’s imports of iron ore, crude oil, coal and copper all fell in October, after its robust demand drove global prices of many major commodities higher this year.
Analysts had expected October exports to have fallen 6 percent from a year earlier, compared to a 10 percent contraction in September. Imports had been expected to drop 1 percent, after falling 1.9 percent in September.
China’s exports in the first 10 months of the year fell 7.7 percent from the same period a year earlier, while imports dropped 7.5 percent.
Exports have dragged on economic growth this year as global demand remains stubbornly slow, forcing policymakers to rely on higher government spending and record bank lending to boost activity. Weak exports took 7.8 percent off the country’s GDP growth in the first three quarters of this year.