China’s exports slump to worst showing since Feb

China’s exports unexpectedly slumped in October as overseas orders tapered off following months of front-loading to beat President Donald Trump’s tariffs, and as buyers watched to see how a volatile month in US-China trade ties would play out.

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Outbound shipments from China shrank 1.1 per cent in October, the worst performance since February, Customs data showed on Nov 7, reversing from an 8.3 per cent rise in September, and missing a forecast for 3 per cent growth in a Reuters poll.

The figure was affected by a high base from last October when exports increased at their fastest pace in over two years, as factories began rushing inventory to major markets in anticipation of Mr Trump’s triumphant return to the White House.

Shipments to the US plunged by just over 25 per cent in October, while those to the European Union climbed 1 per cent, the slowest gain since a drop in February.

Exports to some other major markets fell, with sales to South Korea, Russia and Canada all sinking by double digits. Shipments to everywhere but the US rose 3.1per cent from a year earlier, the slowest expansion since February.