China's exports fall for 1st time in 8 months
China's exports dropped by 1.1% in October 2024—the sharpest fall since February—after a big surge the month before.
This dip comes as overseas buyers pulled back, with many rushing orders earlier to dodge new US tariffs.
Imports also lost steam, barely growing compared to September.
US-China trade tensions continue to loom large
Rising US-China trade tensions are making things tough for Chinese exporters—think threatened 100% US tariffs and ongoing fees that eat into profits.
Even though both sides agreed to extend their trade truce for another year, until November 2026, existing ones (averaging 45%) aren't going anywhere soon.
China now looking to boost imports, find new export markets
China's leaders are now pushing for more imports and looking beyond the US for new export markets.
Premier Li Qiang says he's aiming for major economic growth by 2030, but with the trade surplus shrinking and global demand shaky, it won't be easy sailing ahead.