China’s exports and imports surged in September as more trading partners eased coronavirus curbs and resumed their economic activities. The world’s second-largest economy reported exports rose 9.9% year-on-year in September, in line with economists’ estimates for a 10% growth and extending a solid 9.5% expansion in August. Meanwhile, imports surged 13.2% year-on-year last month, compared to a 0.3% increase expected by analysts and a 2.1% slump in the previous month.
September’s strong trade performance highlights that Chinese exporters have a head start to recover from the coronavirus pandemic allowing them to grab market shares as rivals struggle from reduced manufacturing capacity. The resumption in international trade also gives China’s industrial activity a boost.
China’s trade surplus stood at $37 billion in September, narrowing from a surplus of $58.93 billion in August. The country’s trade surplus with the US declined from $34.24 billion to $30.75 billion over the same period. In August, top trade representatives from both countries held a phone call to reaffirm their commitment to the Phase-One trade deal.
For the third quarter, China’s exports rose 10.2% year-on-year to CNY5 trillion, while imports increased 4.3% year-on-year to CNY3.88 trillion, according to data from the country’s national customs agency. The data is in yuan terms, and the customs agency is set to release another data for September in US dollar terms later on Tuesday.
Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEAOctober 13, 2020 5:19 PM (GMT+8)