(Yicai Global) Nov. 08 -- China's October trade data came in at lower than the mean value predicted by Yicai Global's chief economist, indicating that he took a somewhat rosy view of China's foreign trade.
China Customs today announced that, calculated in US dollars, the October trade surplus stood at USD491 billion, well under the USD500 billion mean value projected by the economist's study.
China's exports for October were USD178 billion, down 7.3 annual percentage points, and thus under the average of 4.98 percent forecast by our chief economist. Imports were USD129 billion, for a drop of 1.4 annual percentage points, also falling shy of the 0.78 increase forecast
In the January to October period, China's trade surplus was USD442 billion. Of this, exports made up USD1.7 trillion -- down 7.7 annual percentage points -- while imports were 1.27 billion, down 7.5 percent yearly.
Figured in yuan, China's trade surplus was CNY2.9 trillion for a contraction of 2.6 percent. October's trade surplus was 32.5 billion -- a narrowing of 17%.