China export growth still slowing down

The rapid growth rate of China's exports fell last month as consumers in Europe and the US reined in their spending.

China's economic growth has now slowed for five successive quarters, a factor that is having a major impact on the price of goods like oil and metals that have been used for its construction boom.

"Demand from Europe and the US will inevitably shrink further, damping China's exports and thus domestic investment," said Wang Qian, economist at JPMorgan Chase.

Exports climbed 19.2% in October from a year earlier compared with 21.5% the previous month, official figures said today.