China's October Trade Data Shows Persistent External Weakness Despite Improving Domestic Demand
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Exports fell 6.4% in October, marking 6 straight months of decline and missing expectations, indicating continued external economic weakness.
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Imports grew 3% in October, exceeding expectations and potentially signaling a rebound in domestic demand.
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The increase in imports of commodities like soybeans, oil, and coal points to domestic demand growth.
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The recent Canton Fair failed to beat pre-pandemic export levels, underscoring sluggish external demand.
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China must rely more on domestic demand to drive growth as external weakness persists.