Chinese exports contracted unexpectedly in October – falling for the first time since March 2024
A cargo ship loaded with foreign trade containers heads toward Qingdao Port in Qingdao city, Shandong province, China, 5 November 2025.
Cost photo | Nuphoto | Getty Images
Chinese exports fell in October for the first time in nearly two years, as momentum in business activity waned and trade tensions with the United States escalated in the month before the two countries reached a deal.
Overseas shipments fell 1.1% in October in U.S. dollar terms from a year earlier – their first contraction since March 2024 – disappointing economists’ expectations of 3% growth according to a Reuters survey, and compared with a six-month high of 8.3% in September.
Imports rose 1% last month, missing estimates of 3.2% growth, as a prolonged slowdown in the housing market and weak labor market conditions continued to weigh on consumer demand. They jumped 7.4% in September.
Chinese exporters and U.S. buyers breathed a sigh of relief last week after U.S. President Donald Trump and his Chinese counterpart Xi Jinping struck a deal during their meeting in South Korea, defusing a situation that threatened to plunge bilateral relations into a full-blown trade war.
The two countries agreed to roll back a series of punitive measures, including high tariffs, export controls on critical minerals and advanced technology, while Beijing pledged to buy more U.S. soybeans and work with Washington to crack down on fentanyl flows.
Following the trade truce, the effective rate of US tariffs on Chinese exports fell to 31%, according to estimates by the Macquarie Group.
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