China’s exports, imports shrink in Oct as COVID curbs, global slowdown jolt demand

Summary China’s Oct exports contract 0.3% y/y, misses forecast Imports also shrink, highlights impact of China’s COVID curbs Trade balance widens slightly from Sept BEIJING, Nov 7 (Reuters) – China’s exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption. Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts’ expectations for a 4.3% increase. It was the…