China’s September trade data were rather poor. In particular, imports dropped -8.5% yoy versus expectation of -5.2% yoy,. suggesting weak domestic demand. Exports also contracted -3.2% yoy versus expectation of -3.0% yoy. Trade surplus widened to USD 39.7B. But year-to September, exports just dropped -0.1% yoy while imports dropped -5.0% yoy.
In USD term, in September:
- Total trade dropped -5.7% yoy to USD 396.6B.
- Exports dropped -3.2% yoy to USD 218.1B.
- Imports dropped -8.5% yoy to USD 178.5B.
- Trade surplus came in at USD 39.7B.
Year-to-September:
- Total trade dropped -2.4% yoy to USD 3351.8B.
- Exports dropped -0.1% yoy to USD 1825.1B.
- Imports dropped -5.0% yoy to USD 1526.7B.
- Trade surplus was at USD 298.4B.
With US, Year-to-September:
- Total trade dropped -14.8% yoy to USD 402.7B.
- Exports to US dropped -10.7% yoy to USD 312.0B.
- Imports from US dropped -26.4% yoy to USD 90.7B.
- Trade surplus was at USD 221.3B.
With EU, Year-to September:
- Total trade rose 3.2% yoy to USD 522.5B.
- Exports rose 5.1% yoy to USD 316.8B.
- Imports rose 0.3% yoy to USD 205.8B.
- Trade surplus was at USD 111.0B
