BEIJING—Lower commodity prices and sluggish demands dragged down China’s October trade figures, although the volume of imported oil and other raw materials rose as the world’s second-largest economy stocked up on a few bargains, customs data released Sunday showed.
Imports fell by 18.8 percent from a year ago to $130.7 billion, while exports shrank by 6.9 percent to $192.4 billion. Overall, China’s trade fell 8.5 percent in the first 10 months of the year.
The contractions in October show China’s economic slowdown has yet to bottom out and that exports were hurt by slack global demand.
“With imports still down on a year ago in real terms, this trade data does not suggest a material pickup in domestic demand momentum in October,” Louis Kuijs of Oxford Economics said in a report.
