China’s foreign trade value fell 10.7 per cent year-on-year in October, according to the General Administration of Customs. Imports totalled US$86.8bn, a decrease of 6.4 per cent compared with the same month last year, while exports dropped 13.8 per cent to US$110.8bn.

Over the first 10 months of the year, imports and exports fell 19.9 per cent year-on-year; the trade surplus was down 27.2 per cent at US$159.23bn.

One positive development has been the continued improvement in the rate of export decline. The 13.8 per cent fall in October was the smallest fall since January. In September, the rate stood at 15.2 per cent. This hints at the prospect of improved demand from overseas, according to Zhang Junsheng, an international trade expert at the University of International Business and Economics. However, he forecasted that exports would continue to fall until the first quarter of 2010.