China’s exports defy expectations in September under weight of trade war uncertainty
Outbound shipments were up 8.3 per cent, beating estimates ahead of potential 100 per cent US tariff increase – while imports hit 17-month-high
Outbound shipments rose 8.3 per cent year on year to US$328.6 billion last month, customs data showed on Monday. The figure was higher than August’s 4.4 per cent – which was the lowest growth since February – and surpassed the 5.65 per cent forecast by Chinese financial data provider Wind.
Imports in September stood at US$238.1 billion, rising to a 17-month high of 7.4 per cent year on year – an improvement from August’s 1.3 per cent and exceeding Wind’s 1.37 per cent forecast. China’s trade surplus came in at US$90.45 billion.
“This resilience shows that China has strengthened trade with the rest of the world amid US protectionism,” said Lynn Song, chief economist for Greater China at ING Bank, in a note on Monday.
Also on Monday, Wang Jun, vice-minister of the General Administration of Customs, said at a press conference that achieving stable growth in trade during the fourth quarter would require significant effort due to a challenging external environment, rising trade uncertainties and a high base from last year.