China’s export growth came in lower than forecast in September as an unexpected jump in the value of imports resulted in the country’s smallest trade surplus in half a year. But the latest data also showed the largest nominal trade surplus with the US on record, based on figures dating back to 1993.
The dollar value of outbound shipments rose 8.1 percent year on year in September to $198.3bn, according to the General Administration of Customs, up from a rise of 5.5 percent in August but missing a median forecast of 8.8 percent from economists surveyed by Reuters.
Imports climbed more than expected, however, rising 18.7 percent from a year prior to $169.8bn and outperforming a median forecast predicting growth in inbound shipments would edge up just 0.2 percentage points from August’s pace of 13.3 percent.
Growth in commodities imports remained robust in volume terms, with shipments of iron ore rising 10.6 percent year on year to a record 102.8m tonnes. The uptick in shipments comes despite recent falls in the commodity’s price as authorities demand steel mills curb output to reduce pollution during the winter heating season.
Analysts at ANZ suggested the rise was due to demand from Chinese steel mills for higher-grade iron ore. Looking at the broader picture for trade, they said a “lack of build in stockpiles suggests strong underlying demand, rather than restocking, was the main driver” behind the latest figures.
The jump in import value resulted in China’s trade surplus dipping to $28.5bn, down $13.5bn from August to the lowest level since March and counter to expectations it would fall just $2.5bn.
However China’s trade surplus with the US climbed to $28.5bn in September, up almost $2bn from August and marking the largest on record not adjusted for inflation, according to data from CEIC sourced to China’s customs administration and reaching back to January 1993.
The dollar value of outbound shipments rose 8.1 percent year on year in September to $198.3bn, according to the General Administration of Customs, up from a rise of 5.5 percent in August but missing a median forecast of 8.8 percent from economists surveyed by Reuters.
Imports climbed more than expected, however, rising 18.7 percent from a year prior to $169.8bn and outperforming a median forecast predicting growth in inbound shipments would edge up just 0.2 percentage points from August’s pace of 13.3 percent.
Growth in commodities imports remained robust in volume terms, with shipments of iron ore rising 10.6 percent year on year to a record 102.8m tonnes. The uptick in shipments comes despite recent falls in the commodity’s price as authorities demand steel mills curb output to reduce pollution during the winter heating season.
Analysts at ANZ suggested the rise was due to demand from Chinese steel mills for higher-grade iron ore. Looking at the broader picture for trade, they said a “lack of build in stockpiles suggests strong underlying demand, rather than restocking, was the main driver” behind the latest figures.
The jump in import value resulted in China’s trade surplus dipping to $28.5bn, down $13.5bn from August to the lowest level since March and counter to expectations it would fall just $2.5bn.
However China’s trade surplus with the US climbed to $28.5bn in September, up almost $2bn from August and marking the largest on record not adjusted for inflation, according to data from CEIC sourced to China’s customs administration and reaching back to January 1993.
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