China trade down on weak global demand, virus curbs

China’s trade shrank in October as global demand weakened and anti-virus controls weighed on domestic consumer spending.

Exports declined 0.3% from a year earlier to $298.4 billion, down from September’s 5.7% growth, the customs agency reported Monday. Imports fell 0.7% to $213.4 billion, compared with the previous month’s 0.3% expansion.

Forecasters expected Chinese trade to weaken as global demand cooled following interest rate hikes by the Federal Reserve and other central banks to rein in surging inflation.

Chinese demand has been hurt by a “Zero COVID” strategy that has repeatedly shut down large sections of cities to contain virus outbreaks.