China's imports unexpectedly grow as demand makes cautious comeback

An aerial view shows containers and cargo vessels at the Qingdao port in Shandong province, China on May 9, 2022.

"The figures are in contrast to market expectations. The bad export data may hit market confidence as we had expected the supply chain of exports to recover," said Zhou Hao, an economist at Guotai Junan International.The yuan and Chinese stocks fell following the data, which reinforced markets' continued concerns about a fragile and uneven recovery.

"The positive surprise on imports seems to reflect a firming up in domestic demand, rather than deriving from distortions caused by the one-time bulk buying of commodities," he added. Exports to Australia rose 5.9 per cent in October while imports from the resource-rich nation climbed 12.0 per cent. China's manufacturing activity unexpectedly contracted in October, data showed last week, complicating policymakers' efforts to revive growth.

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