(Yicai Global) Nov. 8 -- China’s foreign trade in US dollars rose 0.9 percent to USD85.2 billion in October, missing expectations.

Exports fell 0.3 percent to USD298.4 billion last month from a year earlier, with imports down 0.7 percent to USD213.2 billion, data from the General Administration of Customs showed yesterday.

Chief economists surveyed by Yicai Global had earlier predicted that exports and imports would have risen 3.9 percent and 0.1 percent, respectively, in October from a year ago, for a total trade surplus of USD92.6 billion.

In the first 10 months of the year, China’s imports and exports soared 3.5 percent and 11.1 percent to USD2.27 trillion and USD2.99 trillion, respectively, from the same period a year ago, according to data from the General Administration of Customs. The trade surplus surged nearly 44 percent to USD727.7 billion.

Experts believe that the foreign trade data in Chinese yuan were good enough and there are still many favorable conditions for stable growth in the fourth quarter.

Exports in Chinese yuan rose 7 percent to CNY2.07 trillion (USD288.1 billion), and imports increased 6.8 percent to CNY1.48 trillion last month from a year earlier, the General Administration of Customs noted. The trade surplus was CNY586.8 billion (USD81.7 billion), up 7.6 percent.

It is commendable for China to maintain foreign trade growth despite the slower global economic growth and smaller overseas demand, Xu Hongcai, deputy director of the Economic Policy Commission at the China Association of Policy Science, told Yicai Global.

Global commodity trade will likely rise 3.5 percent this year but only 1 percent next year, much lower than the 3.4 percent previously estimated, according to trade statistics and expectations the World Trade Organization released last month. Global trade will jump 2.5 percent in 2023, the International Monetary Fund said in its October World Economy Outlook. The figure fell 1.9 percentage point from the IMF’s forecast in April.

Looking ahead to the fourth quarter, China’s foreign trade will be resilient thanks to its complete industrial chains and the fact that private companies are flexible in operation and can swiftly react to potential business opportunities and orders, Xu noted.

There are still many favorable factors for China’s foreign trade to grow steadily despite many difficulties and challenges, said Shu Jueting, spokesperson of the Ministry of Commerce.

In the second half, China issued and implemented supporting policies, foreign trade companies have been continuously enhancing their performance and innovation capabilities and approaching global markets, Shu added, predicting that the country’s foreign trade will be resilient and dynamic in the fourth quarter.

Editor: Futura Costaglione