October trade growth fell short of market expectations, especially amid favorable moves in China's exchange rate, which should have boosted competitiveness.

The Chinese currency has declined over one percent against the U.S.dollar since its Oct. 1 inclusion in the IMF's SDR basket, breaking through the critical 6.7 threshold.

It is possible the weakness in the yuan has been insufficient to offset the drag on competitiveness from past gains, and protectionism is likely having an impact, with G20 members introducing more than 1,200 trade control measures over the last five years, Bloomberg Chief Asia Economist Tom Orlik pointed out in a research note.

An official index predicting future trade growth prospects ended previous rises in the past three months by dropping a marginal 0.2 points, indicating upcoming trade pressure.

Readings on export orders in both the National Bureau of Statistics and the Caixin PMIs swung back into contraction territory in October, pointing to weaker external demand ahead.

Even so, Bloomberg Intelligence Economics continues to believe that a weaker yuan, resilient global demand, and China's other policy measures to support competitiveness, such as freezing the minimum wage, will drive a return to modest export growth, Orlik added.

China did not specify a trade growth target for 2016. The government pledged last month to continue to implement supportive polices to cut red tapes and reduce costs for trade firms in the rest of the year to stabilize trade growth.

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