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China's exports contracted -1.1% YoY in October, the first decline in 8 months.
This was significantly below the expected +2.9% increase.
Shipments to the US plunged -25.1%, marking the 7th consecutive monthly drop.
This was partially offset by a +3.1% increase in shipments to the rest of the world.
Exports to the EU increased just +1.0%, the slowest pace since February, while shipments to South Korea, Russia, and Canada all fell by double digits.
China's export momentum is fading