Overview
- Official customs data show outbound shipments fell 1.1% year over year in October after an 8.3% jump in September.
- Imports rose 1.0% from a year earlier, down sharply from September’s 7.4% pace, leaving a trade surplus of about $90.07 billion.
- Shipments to the United States declined by just over 25% year over year, while exports to Russia dropped 22% in yuan terms.
- A high comparison base from October 2024 and the unwinding of pre‑tariff stockpiling weighed on this year’s readings.
- A late‑October Trump–Xi agreement reduced some tariffs and paused certain export controls, though elevated duties and sanctions point to a lag before any export boost appears.