China trade down on weak global demand, virus curbs

By JOE McDONALD
AP Business Writer

BEIJING (AP) — China’s trade shrank in October as global demand weakened and anti-virus controls weighed on domestic consumer spending. The customs agency reported exports declined 0.3% from a year earlier to $298.4 billion, down from September’s 5.7% growth. Imports fell 0.7% to $213.4 billion, compared with the previous month’s 0.3% expansion. Forecasters expected Chinese trade to weaken as global demand cooled following interest rate hikes by the Federal Reserve and other central banks to rein in surging inflation. Chinese demand has been hurt by a “Zero COVID” strategy that has repeatedly shut down large sections of cities to contain virus outbreaks.