China’s exports and imports grew far less than expected in September
A shipping container and gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Thursday, Oct. 10, 2024.
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BEIJING — China’s exports grew by 2.4% in September from a year ago in U.S. dollar terms, while imports rose by 0.3%, customs data showed Monday.
Both figures were well below expectations. China’s exports were forecast to have risen by 6% year-on-year in September in U.S. dollar terms, according to a Reuters poll. That would be slower than the 8.7% increase in August.
Imports were expected to have climbed by 0.9% in September from a year ago, according to the Reuters poll. That would be slightly faster than the 0.5% increase in August.
Exports had been a bright spot in China’s economy, which has been weighed down by lackluster consumer spending and a real estate slump.
China’s exports to the U.S., its largest trading partner, rose by 2.2% in September from a year ago, while imports from the U.S. climbed by 6.7%, according to CNBC’s analysis of official data.
Exports to the Association of Southeast Asian Nations, China’s largest trading partner on a regional basis, rose by 5.5%, while imports rose by 4.2%. China’s exports to the European Union rose by 1.3%, while imports dropped by 4%.
China’s exports to Russia surged by 16.6%, but imports fell by 8.4%, the analysis showed.
Inflation data out Sunday pointed to further weakness in China’s domestic demand.
The core consumer price index, which strips out more volatile food and energy prices, rose by 0.1% in September from a year ago. That’s the slowest since February 2021, according to the Wind Information database. Tourism-related prices fell by 2.1% year-on-year, despite the Mid-Autumn Festival in September and Golden Week holiday that kicked off Oct. 1.
China’s National Bureau of Statistics is scheduled to release third-quarter GDP on Friday, along with retail sales, industrial production and fixed asset investment for September.
Chinese authorities have ramped up stimulus announcements since late last month, while so far falling short on the fiscal policy details many investors have hoped for. Stocks in China have swung wildly as beaten-down markets debate the ultimate impact of Beijing’s economic support.
This is a breaking news story. Please check back for updates.
