China’s exports contracted in October, dropping 1.1% from a year earlier, as global demand failed to offset the slump in shipments to the US.

Shipments to all nations except the US rose 3.1%, but this was not enough to compensate for the more than 25% decline to America.

Chinese exports to the US tumbled 25% in October after tariffs chilled demand.

The decline in overall exports in October came as a surprise to almost all forecasters, with the median estimate of those polled by Bloomberg at 2.9%.

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