China’s exports lost momentum in October, slipping 1.1% year-over-year, as shipments to the US plunged 25%, marking the seventh straight month of double-digit declines to its largest trading partner.

The slowdown comes even as Beijing and Washington recently agreed to ease tensions, with Presidents Xi Jinping and Donald Trump pledging to roll back tariffs and postpone new port fees. Economists say the benefits of this truce are unlikely to show until early next year.

Customs data showed that while exports weakened after an 8.3% surge in September, imports inched up just 1%, compared to 7.4% growth the previous month — signalling persistent weakness in domestic demand amid the prolonged property downturn.

Analysts said the October decline was also due to a high base from last year when exports jumped 12.6%, the fastest in over two years. Despite this, China continues to diversify its markets, strengthening trade ties with Southeast Asia and Africa.

Goldman Sachs expects Chinese export volumes to grow 5–6% annually over the medium term. At the same time, Capital Economics noted that any meaningful boost from the recent trade thaw will likely appear only in early 2026.

At the China International Import Expo in Shanghai this week, Premier Li Qiang reaffirmed Beijing’s commitment to open markets and free trade, urging against protectionist measures that hurt global growth.

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