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As prices of raw materials drop, China October imports fall
A crane moves a shipping container in the container pool of a seaport in Qingdao in eastern China's Shandong province Tuesday, October 13, 2015
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A crane moves a shipping container in the container pool of a seaport in Qingdao in eastern China's Shandong province Tuesday, October 13, 2015. China's imports fell by an unexpectedly wide margin in September in a new sign of weakness in the world's second-largest economy. Imports plunged 20.4 percent from a year earlier to $145.2 billion, customs data showed Tuesday, worse than August's 5.5 percent decline and analysts' expectations of about 15 percent. (Chinatopix Via AP) (Chinatopix Via AP)
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span class="inline inline-center">A crane moves a shipping container in the container pool of a seaport in Qingdao in eastern China's Shandong province Tuesday, October 13, 2015. China's imports fell by an unexpectedly wide margin in September in a new sign of weakness in the world's second-largest economy. Imports plunged 20.4 percent from a year earlier to $145.2 billion, customs data showed Tuesday, worse than August's 5.5 percent decline and analysts' expectations of about 15 percent. (Chinatopix Via AP)
Lower commodity prices and sluggish demands dragged down China's October trade figures, although the volume of imported oil and other raw materials rose as the world's second largest economy stocked up on a few bargains, showed customs data released on Sunday.
Imports fell by 16 percent from a year ago, while exports shrank by 3.6 percent. Overall, China's foreign trade dropped 9 percent, marking the eighth consecutive monthly decline.
The contractions again in October show China's economic slowdown has yet to bottom out and that exports were hurt by slack global demand.
"With imports still down on a year ago in real terms, this trade data does not suggest a material pick up in domestic demand momentum in October," said Louis Kuijs of Oxford Economics in a report.
Chinese purchases of foreign goods improved from September's 20.4 percent decline. Purchases of raw materials such as crude oil and soybeans went up in quantities, but China paid far less for the goods than a year ago because of lower prices. Yet, data also showed China cut back on purchases of coal, steel, copper and aluminum, in a sign of sluggish economy.
Sales of Chinese goods to foreign markets fell 3.6 percent, a slight improvement from the previous month's 3.7 percent contraction.
The government has cut interest rates repeatedly since last year and pumped money into the economy through spending on public works construction. (dan)
