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China's Export Decline Adds Domestic Pressure Amid Global Economic Headwinds

China continues to experience a significant drop in exports, marking the sixth consecutive month of decline and exerting additional pressure on the nation’s domestic economic policies.

China’s exports have seen a steep fall, pointing to persistent challenges within the Chinese economy despite recent growth, the Wall Street Journal reported. The latest figures released by China’s General Administration of Customs show a 6.4% decrease in exports in October year-over-year, totaling $275 billion. This decline is sharper than September’s 6.2% drop and exceeds economists’ predictions of a 3.5% fall.

The ongoing decrease in exports underscores a weakened global demand for Chinese products as the world grapples with an economic slowdown and higher interest rates. Other Asian nations, including South Korea and Taiwan, have also reported similar trends in their export figures.

The International Monetary Fund (IMF) anticipates a slowdown in global economic growth for the current and following year, influenced by central banks’ rate increases. While the U.S. might narrowly dodge a recession, a broader economic deceleration is expected.

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