China trade: export decline ‘improved modestly’ in September, signalling economic stabilisation
- China’s exports fell by 6.2 per cent, year on year, to US$299.1 billion in September, although the decline narrowed from a fall of 8.8 per cent in August
- Imports, meanwhile, also fell by 6.2 per cent last month to US$221.4 billion, narrowing from a 7.3 per cent decline in August
China’s exports fell for a fifth consecutive month in September, but again at a smaller pace, another indicator that the economy has started to stabilise.
Exports fell by 6.2 per cent last month, year on year, to US$299.1 billion, the General Administration of Customs said on Friday.
Imports, meanwhile, fell for the seventh consecutive month after declining by 6.2 per cent, year on year, to US$221.4 billion in September.
Imports had fallen by 7.3 per cent in August, while Wind had predicted a fall of 5.8 per cent last month.
China’s total trade surplus in September stood at US$77.71 billion, up from US$68.4 billion in August.
“Export growth improved modestly compared to last month. The strong trade surplus offers China room to manage its exchange rate. As we head into the fourth quarter, China’s trade surplus will likely stay strong,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.
China’s exports to its biggest trading partners presented a mixed picture in September, with the most outstanding improvements seen in Europe.
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Exports to the Association of Southeast Asian Nations – China’s largest trading partner – contracted by 15.82 per cent to US$44 billion last month, wider than August’s 13.25 per cent decline.
September’s shipments to the United States fell by 9.34 per cent, year on year, to US$46 billion, extending a 14-month streak of continuous declines.
Exports to European Union dropped by 11.61 per cent last month, year on year, to US$41.5 billion, narrower than last month’s fall of 19.58 per cent.
Shipments to Russia, meanwhile, soared by 20.58 per cent in September compared to a year earlier, higher than August’s increase of 16.31 per cent.
Customs spokesman Lu Daliang said on Friday that China’s exports would face continued and tough challenges going forward.
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