China’s exports in October amounted to $274.83 billion (about 359.28 billion won), down 6.4% from the same month last year, Xinhua Network and People’s Network reported on the 7th.
It was the year before for 6 months in a row. Market projections are down 3.3%, up 3.1 percentage points.
Citing the October 2023 trade statistics (based on dollars) released by China’s Customs Administration (in dollars), October imports were $28.3 billion, up 3.0% from the same month last year.
It has turned to an increase for the first time in eight months since last February. Market projections are down 4.8% but are actually significantly above 7.8%.
The October trade surplus, which deducted imports from exports, was $56.53 billion, down 27.3% from $77.1 billion in the previous month. It has dropped 30.8% from the same month last year. It fell far short of the market estimate of $82 billion.
China’s total trade in October was $493.13 billion, down 2.5% from the same month last year.
Looking at exports by item, computers and their parts have been significantly reduced by 20%. As the special situation due to COVID-19 has decreased, it has been negative since August 2022.
Exports of labor-intensive toys and clothing also plummeted by 1020%.
By region, exports to the U.S. were $4365 billion, down 8% from the same month last year. September was down 9% to $43.96.3 billion. It’s negative for 15 consecutive months. The trade surplus was $308.2 billion, down from $33.19 billion in the previous month.
European Union (EU) and Southeast Asian exports fell by 13% and 15%, respectively, to $38.53.1 million and $41.480.2 billion. In September, it was $4151.9 billion, down 10%, and $43.963 billion, down 20%.
In South Korea, exports were $115.9 billion and imports of $12646 billion, down from $12.613 billion in exports and imports of $15372.4 billion in September. South Korea recorded a surplus of $2487 billion.
In October, crude oil increased by 8% and iron ore by 22%. Computers and related parts surged 60%. The car and its parts were also strong.
However, the main item, the integrated circuit, decreased by 10% from the same month last year. Decreased for 16 months.
The import of cosmetics that are sensitive to consumption trends has plummeted by 25%.
Total China’s total trade from January to October was $499.6 trillion, down 6.0% from the same period last year.
Of these, exports were $2792 trillion, down 5.6% from the same period last year, and imports were $217.96 trillion, down 6.5%. The trade surplus was $68.44 billion.
The cumulative trade between Korea and China from January to October was $256.410.9 billion, down 15.7% from the same period last year. The drop has shrunk slightly from 16.2% from January to September.
Exports to South Korea fell 8.2% to $12.376 billion and imports plummeted 21.7% to $132.742 billion. South Korea saw a surplus of $966 billion.
The analyst pointed out that China’s imports increased unexpectedly in October while exports expanded, indicating that China’s economic recovery is still uneven amid a number of internal and external difficulties.
“As much as export supply chains predicted to recover, sluggish export data could hurt market confidence,” he said, adding that “but the increase in imports stemmed from increased domestic demand, especially demand to increase inventories.”
SOPHIA KIM
US ASIA JOURNAL
