BEIJING: China’s export growth topped forecasts in September, with robust overseas demand helping offset weak consumer spending and easing pressure on policymakers to deliver this year’s growth goal.
Resilience in goods exports has for a second year defied pressure from Western countries seeking more balanced trade with China, keeping factories humming and shoring up economic growth against subdued domestic demand and investment.
Exports in September soared 36.3 percent from a year earlier, outstripping August’s 25.0 percent rise and far exceeding expectations for 25.5 percent growth, customs data showed on Wednesday. September’s growth was the fastest since February this year when exports expanded 39.6 percent.
Imports jumped 31.0 percent, compared with 28.2 percent growth in August and economists’ forecasts of a 24.5 percent gain.
China’s trade surplus reached USD938.11 billion in the first nine months of the year, putting the manufacturing powerhouse on course to surpass USD1 trillion in surplus sooner than last year unless exports slow sharply in the final quarter. For now, such a slowdown appears unlikely.
A deal with the European Union to limit Chinese exports of hybrid vehicles to the bloc, announced earlier this month, is likely to weigh on China’s booming auto trade over time. But with the trade measures likely being laid out in December, exporters may drive up shipments to beat the deadline.
President Xi Jinping’s September summit with US President Donald Trump in Washington secured an extension to their tariff truce and an agreement to cut tariffs on USD30 billion worth of goods from each side.
With the global build-out of AI infrastructure showing little sign of slowing, analysts expect demand for Chinese-made technology products, including semiconductors, to remain robust. China’s factory-gate prices rose at their fastest pace in more than four years in September, separate data showed, while consumer inflation edged up but lagged forecasts, underscoring an uneven recovery.
BEIJING: China’s producer prices rose at their fastest pace in more than four years in September while consumer inflation edged up, as pricier oil and commodities lifted factory-gate costs even as weak domestic demand kept broader price pressures contained.