07.11.201623:38:00UTC+00China’s Exports, Imports Drop More Than Expected in October

According to official data from the General Administration of Customs, China's exports and imports both fell more than anticipated in October, fueling doubts that the the country's economic recovery may be faltering.

Exports fell 7.3% year-on-year in October on a dollar-denominated basis, which missed a 6% estimated drop but is still an improvement from September's 10% annual decline. Meanwhile, imports fell 1.4% year-on-year compared with the prior month's 1.9% annual drop and steeper than the projected 1% contraction in shipments.

China's exports fell 7.7% in the first 10 months of 2016 from the same period a year prior, while imports declined 7.5%.

The trade data brought China's October trade surplus to $49.06 billion, compared with September's $41.99 billion.Economists had expected a $51.70 billion trade surplus.

The weak yuan may have helped exports to perform better in October, however, the figures still underlined the weak state of global demand for Chinese goods. While some analysts believe that the country is using a weaker currency to support its economy, it is widely expected that the People's Bank of China will not take any further monetary easing for the rest of the year.