Imports fell 10.6 percent more than forecast. A major reason for the decline in exports is weak global demand due to high inflation and energy prices as a result of Russia’s war of aggression in Ukraine. However, the problems in the supply chains in China, which are further hampered by the restrictions arising from China’s strict zero Kovid policy, also make production difficult.
Widespread restrictions and the ongoing real estate crisis are weighing on the second-largest economy. This in turn suppresses domestic demand, which explains the decline in imports. Imports fell 0.7 percent in October, while exports fell 0.3 percent for the first time in more than two years.
According to experts, the weakening Chinese economy will struggle to cope with the drop in foreign trade because export growth has been a key pillar of the Chinese economy since the outbreak began almost three years ago.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
