In China, an unexpected slowdown in export growth was recorded in September.
The mentioned result symbolically overshadowed the sunny location in the gloomy space of the Asian country’s economic system, which is currently facing serious problems and relies heavily on external supplies as a source of positive momentum.
In September, Chinese exports showed growth, which in dollar terms amounted to 2.4% compared to the same period last year. In monetary equivalent, external supplies of goods from the Asian country reached the $304 billion mark. The relevant information was released by the Chinese customs administration on Monday, October 14.
Last month, the volume of shipments of goods from China to key markets, including Japan and South Korea, decreased. Exports to the United States and the European Union increased, but the pace of the corresponding process turned out to be the slowest in at least the last four months. The appropriate dynamic is because Washington and European capitals ramped up tariffs.
It’s worth noting that analysts interviewed by the media predicted that Chinese exports in September would grow by 6% in dollar terms year-on-year.
External supplies have become an important pillar for the Asian country’s economy, which is the second largest in the world, in recent years. Export offsets the impact of negative circumstances such as the crisis in the real estate market and low consumer spending.
It is worth noting that the external supply of goods from China in August showed an increase of 8.7% year-on-year in dollar terms.
Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note that Chinese exports have been remarkably strong this year and helped Beijing to offset weak domestic demand. The expert also underlined separately that next year it will be difficult for the Asian country to sustain a corresponding dynamic due to the growing tensions in the trade area.
Chinese imports grew by only 0.3% year-on-year in September. The Asian country’s trade surplus amounted to almost $82 billion last month. For the first nine months of the current year, the corresponding figure reached $690 billion.
As we have reported earlier, China to Increase Spending to Revive Economic Growth.
