China’s export and import data for September painted a weaker-than-expected picture of the nation’s trade performance. Exports grew by just 2.4% yoy to USD 303.7B, well below expectations of 6.0% yoy and down from the 8.7% yoy rise in the previous month. Imports edged up a modest 0.3% yoy to USD 222B, missing expectations of 0.9% yoy increase and lower than August’s 0.5% yoy rise. Trade surplus narrowed to USD 81.7B, smaller than the expected USD 89.8B and down from USD 91.0B in August.
Breaking down the data by region, exports to the US, China’s largest trading partner, rose by 2.2% yoy, while imports saw a stronger 6.7% yoy growth. Trade with ASEAN remained more robust, with exports up 5.5% yoy and imports climbing 4.2%yoy. However, exports to the EU edged up by only 1.3%, while imports from the bloc fell by -4% yoy. Trade with Russia was mixed, with exports surging by 16.6% yoy, but imports declining by -8.4% yoy.
Customs spokesman Lu Daliang attributed the weaker export growth to “short-term incidental factors,” including frequent typhoons in key port cities, a high base from last year, and ongoing global shipping congestion. Lu noted that the peak export season for some Chinese products typically seen in Q3 had been moved forward by more than a month this year due to the shipping delays.
