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China’s exports and imports fell less than expected in October

Transporting containers sit stacked at Qingdao Port after snow on February 14, 2019 in Qingdao, Shandong Province of China.

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China’s exports and imports declined in October, Reuters reported citing data from the power’s customs.

In dollar terms, exports fell 0.9% while imports fell 6.4% from a year ago in October, but bone-tired analysts’ forecasts.

Trade balance for October was $42.81 billion, compared to analyst forecasts of $40.83 billion.

Economists tallied by Reuters had expected October exports to fall 3.9% and imports to fall 8.9% from a year earlier.

China’s purports and exports fell more than expected with exports falling 3.2% in September from a year ago, while substances dropped 8.5% during the same period.

The Chinese economy — the second largest in the world — is growing at a slower traverse amid the protracted trade battle between Beijing and Washington.

On Thursday, China’s Commerce Ministry said that Beijing had agreed with Washington to raise existing trade tariffs between the two nations in phases.

Market participants had expected the two economic giants to sign a negotiation later this month, after both Washington and Beijing spoke of progress in talks late last week.

Though, Reuters reported on Wednesday that a meeting between President Donald Trump and Chinese President Xi Jinping could be tabled until December — delaying a chance for the two leaders to sign an interim trade deal.

The world’s two largest economies must imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial vends and souring business and consumer sentiment.

— CNBC’s Yen Nee Lee and Sam Meredith contributed to this report.

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