China's exports in October declined for the first time in nearly two years due to a high base effect and as businesses' front-loading momentum tapered off ahead of meeting between U.S. and Chinese leaders.

Outbound shipments dropped 1.1% in October in U.S. dollar terms from a year earlier — their first contraction since March 2024, when exports shrank by a staggering 7.5% .

Exports decline was unexpected as economists had anticipated a 3% growth, according to a Reuters survey, and compared with a six-month high growth of 8.3% in September.

Imports rose 1% last month, missing the estimates for 3.2% growth, as a prolonged housing market downturn and weak job market conditions continued to weigh on consumer demand. They had jumped 7.4% in September.

"It seems the frontloading finally

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