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China October imports fall in sign of sluggish economy

BEIJING — China’s October imports fell by 16 per cent from a year ago in a sign of weakness in the world’s second-largest economy, while exports also shrank.

Reuters file photo

Reuters file photo

BEIJING — China’s October imports fell by 16 per cent from a year ago in a sign of weakness in the world’s second-largest economy, while exports also shrank.

Customs data today (Nov 8) showed Chinese purchases of foreign goods improved from September’s 20.4 per cent decline, but fared worse than August’s 5.5 per cent drop, as China’s demand for foreign goods became sluggish.

Sales of Chinese goods to foreign markets fell 3.6 per cent, a slight improvement from the previous month’s 3.7 per cent contraction.

Weakness in trade has fueled doubts that Beijing can hit its economic growth target this year of about 7 per cent.

The government has cut interest rates repeatedly since last year and pumped money into the economy through spending on public works construction. AP

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