China’s export slowdown continued in October, after a 6% rise in exports on a year earlier missed economists’ expectations. The quarterly average growth rate fell to 7% from a peak of 17% in May, suggesting technical factors (such as Golden Week) are not the only driver of the slowdown. Exports to the U.S. also saw a growth slowdown to 8% from 14%, but imports slowed more quickly. As a result the trade surplus China holds vs. the U.S. reached $269 billion in the past 12 months, a new record. That’s 1.94x the size of China’s surplus vs. the rest of the world combined, and comes in the wee...