China’s exports fall 1.1 percent in October, marking worst performance since February

China’s exports declined in October, weighed down by a sharp 25 percent drop in shipments to the United States, according to customs data released on Friday. Overall exports fell 1.1 percent from a year earlier, the steepest contraction since February, after an 8.3 percent gain in September.

Economists expect export growth to recover next year as recently announced lower tariffs begin to take effect.

China’s exports to U.S. post double-digit declines for seven consecutive months

The decline in exports comes on the heels of an agreement between President Donald Trump and Chinese leader Xi Jinping last week to ease trade tensions between the world’s two largest economies.

China’s exports to the United States have already posted double-digit declines for seven consecutive months, even as the country has sought to diversify its markets toward Southeast Asia and Africa. In October alone, shipments to the U.S. fell 25 percent.

The year-on-year drop in overall exports was also magnified by a high comparison base from October 2024, when shipments surged 12.6 percent, the strongest growth in more than two years.

Read: Trump secures major trade deals in Southeast Asia to reduce reliance on China’s critical minerals

China’s imports rise 1 percent

China’s imports rose 1 percent in October from a year earlier, slowing sharply from 7.4 percent growth in September, the customs data showed. Economists said the moderation underscores ongoing headwinds from the country’s prolonged property slump and subdued domestic consumption.

During their late-October meeting in South Korea, President Donald Trump and Chinese leader Xi Jinping agreed to reduce tariffs and delay new port fees imposed on each other’s vessels. As part of the deal, China suspended some export controls on rare earth elements for one year and pledged to boost purchases of U.S. soybeans and other agricultural goods. In return, Washington eased select sanctions on Chinese companies.

Following the meeting, Goldman Sachs economists said they expect China’s export volumes to grow by 5-6 percent annually, allowing the country to gain global market share and support broader economic expansion.

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