00:00Welcome back. China's exports took an unexpected dip in October, the first fall in eight months,
00:06as demand from the United States plunged. Official data shows shipments dropped 1.1%
00:12from a year ago, mainly dragged down by a steep 25% fall in exports to America.
00:18That slump was too large to be offset by modest gains to other markets,
00:22including the European Union and Southeast Asia.
00:25Beijing has been trying to reduce its reliance on the US since Donald Trump's return to the White House
00:32House reignited fears of another trade war. But with more than $400 billion worth of goods sold
00:39to the US each year, no other market comes close in size. Economists estimate that loss has shaved
00:46about two percentage points of China's export growth, roughly 0.3% of GDP. The weaker figures
00:54also reflect a high base from last year when factories rushed orders to major markets in
00:59anticipation of Trump's comeback. Even so, many believe Chinese exporters have now pushed as much
01:06as they can enter global markets for the time being. Tensions between China and the US flared early
01:12October after Trump threatened 100% tariffs on Chinese goods. The mood has since eased slightly
01:19following a meeting between Trump and President Xi Jinping in South Korea last week. Both leaders
01:25agreed to extend their trade truce for another year. Still, Chinese goods headed to the US now face an
01:31average tariff of around 45%, well above the 35% level that many economists say wipes out
01:38forward manufacturers' profit margins.
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