China’s exports fall for first time since March 2024 amid tariff tensions with US

ISTANBUL

China’s exports declined in October for the first time since March 2024, pressured by rising uncertainty over tariff disputes with the United States and broader economic tensions, official data showed Friday.

Exports fell 1.1% year-on-year to $305.3 billion, according to China’s General Administration of Customs. Imports, however, rose 1% to $215.2 billion, leaving a trade surplus of $90.07 billion for the month.

The reversal follows a strong September, when exports jumped 8.3% and imports climbed 7.4% due to accelerated pre-orders amid concerns that tariff negotiations between the US and China would fail.

China’s exports to the US continued their steep slide in October, dropping 25.2% from a year earlier. The decline extended sharp falls in recent months, including 21.7% in July, 33.1% in August, and 27% in September.

Tensions escalated in October after Beijing imposed new restrictions on the export of rare earth elements -- a sector in which China controls a large share of global supply. In response, US President Donald Trump announced Washington would impose an additional 100% tariff on Chinese goods beginning Nov. 1 and halt all exports of critical software to China.

While a meeting between Trump and Chinese President Xi Jinping on Oct. 30 in Busan, South Korea, briefly eased tensions with positive public statements, both sides postponed decisions on the key economic issues at the heart of the dispute.