BEIJING (Sputnik) – Foreign trade was 9 percent down in October compared to the previous year. Imports dropped by 16 percent year on year to $131.2 billion, while exports were down by 3.6 percent, official data revealed.
In October, China reduced imports of copper, coal, steel and aluminum, and increased oil purchases following a slump in prices in the global oil market.
China has been striving this year to reach its planned goal of 7-percent growth in GDP amid rising concerns over the slowdown in the world’s second-largest economy.
The European Union predicted in Thursday’s forecast that China’s growth rate will continue to slow gradually in 2016-2017, with risks tilted to the downside. The Chinese economy appears to be undergoing a substantial structural adjustment, as evidenced by the sharp adjustment in the level and composition of imports.
