China's exports unexpectedly contract in October — dropping for the first time since March 2024 [MSNBC.com]
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Source: MSNBC.com
China's exports in October declined for the first time in nearly two years as businesses' front-loading momentum tapered off and trade tensions with the U.S. escalated during the month before the two countries reached a deal.Outbound shipments dropped 1.1% in October in U.S. dollar terms from a year earlier — their first contraction since March 2024 — disappointing economists' expectations for 3% growth in a Reuters survey, and compared with asix-month high of 8.3%Imports rose 1% last month, missing the estimates for 3.2% growth, as a prolonged housing market downturn and weak job market conditions continued to weigh on consumer demand. They had jumped 7.4% in September.Chinese exporters and American buyers breathed a sigh of relief last week after U.S. President Donald Trump and his Chinese counterpart, Xi Jinping,struck a deal during their meetingThe two countries agreed toroll back a range of punitive measuresFollowing the trade truce, the effective U.S. tariff rate on Chinese expo
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