China’s overseas soared in September, beating analysts’ expectations, despite the ongoing trade tensions with the United States, according to official data.
China’s exports in September hit a six month peak, surging 8.3% year-on-year to $328.5 billion, beating economists’ expectations, according to customs data released Monday. The growth far outpaced August’s 4.4% rise and exceeded Bloomberg’s forecast of a 6.6% increase.
At the same time, imports rose 7.4%, sharply higher than August’s 1.3% year-on-year growth and well above Bloomberg’s forecast of a 1.9% increase. However, weak domestic economic conditions and a prolonged real estate slump continue to weigh on overall demand and consumption.
Meanwhile, China’s exports to the US extended their decline for the sixth consecutive month, falling 27% in September after a sharper 33% drop in August.
Last month, shipments to Southeast Asia grew 15.6% annually, while exports to Latin America and Africa were up 15% and 56%, respectively, according to AP.
The latest figures offer a hopeful sign for China’s economy, which has struggled in recent years with weak domestic spending and mounting pressure on its export-driven manufacturing sector.
“Currently, the external environment is still severe and complicated. Trade is facing increasing uncertainty and difficulties," Wang Jun, vice minister of China's customs agency, said.
“We still need to put in more efforts to stabilize trade in the fourth quarter,” AP quoted the minister
China’s exports “continue to show resilience given the low costs and limited choices for replacement globally despite the higher tariffs”, said Gary Ng, a senior economist at Natixis.
“What is more worrisome is not only tariffs but export controls," Ng said, adding, "If we begin to see an escalation in export controls halting supply chains, this may have a more prolonged impact."
Concerns grew over the weekend that this year’s trade war between the world’s two largest economies could intensify, following US President Donald Trump ’s threat to impose an additional 100% tariff on all Chinese goods.
US President Donald Trump on Sunday confirmed that the plan to impose 100% tariffs on Chinese imports is still scheduled for November 1, but suggested the timing could change.
When asked by reporters, "100% tariffs on China on November 1st still the plan?" Trump replied, “Yeah. Right now it is. Let’s see what happens." On the deadline, he added, "For me, November 1st is an eternity.”
Meanwhile, China accused the US of escalating tensions and warned of taking retaliatory measures.
“If the United States insists on going the wrong way, China will surely take resolute measures to protect its legitimate rights and interests,” a spokesperson for the commerce ministry said on Sunday, as cited by the state news agency Xinhua.
China’s exports in September hit a six month peak, surging 8.3% year-on-year to $328.5 billion, beating economists’ expectations, according to customs data released Monday. The growth far outpaced August’s 4.4% rise and exceeded Bloomberg’s forecast of a 6.6% increase.
At the same time, imports rose 7.4%, sharply higher than August’s 1.3% year-on-year growth and well above Bloomberg’s forecast of a 1.9% increase. However, weak domestic economic conditions and a prolonged real estate slump continue to weigh on overall demand and consumption.
Meanwhile, China’s exports to the US extended their decline for the sixth consecutive month, falling 27% in September after a sharper 33% drop in August.
Last month, shipments to Southeast Asia grew 15.6% annually, while exports to Latin America and Africa were up 15% and 56%, respectively, according to AP.
The latest figures offer a hopeful sign for China’s economy, which has struggled in recent years with weak domestic spending and mounting pressure on its export-driven manufacturing sector.
“Currently, the external environment is still severe and complicated. Trade is facing increasing uncertainty and difficulties," Wang Jun, vice minister of China's customs agency, said.
“We still need to put in more efforts to stabilize trade in the fourth quarter,” AP quoted the minister
China’s exports “continue to show resilience given the low costs and limited choices for replacement globally despite the higher tariffs”, said Gary Ng, a senior economist at Natixis.
“What is more worrisome is not only tariffs but export controls," Ng said, adding, "If we begin to see an escalation in export controls halting supply chains, this may have a more prolonged impact."
Concerns grew over the weekend that this year’s trade war between the world’s two largest economies could intensify, following US President Donald Trump ’s threat to impose an additional 100% tariff on all Chinese goods.
US President Donald Trump on Sunday confirmed that the plan to impose 100% tariffs on Chinese imports is still scheduled for November 1, but suggested the timing could change.
When asked by reporters, "100% tariffs on China on November 1st still the plan?" Trump replied, “Yeah. Right now it is. Let’s see what happens." On the deadline, he added, "For me, November 1st is an eternity.”
Meanwhile, China accused the US of escalating tensions and warned of taking retaliatory measures.
“If the United States insists on going the wrong way, China will surely take resolute measures to protect its legitimate rights and interests,” a spokesperson for the commerce ministry said on Sunday, as cited by the state news agency Xinhua.
You may also like
Oman introduces landmark Domestic Worker Reforms 2025: Minors under 21 prohibited from employment
IAF, UK CSG to hold joint exercise tomorrow
Erling Haaland leaves Norwegian media's jaws on floor as he's sent back to home early
2nd Test: India Bowl Out WI For 390; Need 121 Runs To Win
Nobel economics prize goes to 3 researchers for explaining innovation-driven economic growth
