China exports up 28% in Sept; surplus with US rises

Beijing: China's exports rose at a slightly faster pace in September while demand for imports of iron ore and other commodities eased as a property construction boom cooled and authorities enforced curbs on energy use.

Customs data showed exports rose 28.1% to 305.7 billion. That was slightly faster than the 26% increase logged in August, and above economists' forecasts. Imports rose 17.6% to 240 billion, less than the previous month's 33% increase.

This year's trade figures have been distorted by comparison with 2020, when global demand plunged in the first half after governments shut factories and shops to fight the pandemic. Chinese exporters reopened after the ruling Communist Party declared the virus under control in March 2020, while their foreign competitors still were hampered by anti-virus curbs.

China's foreign trade performance is leading the field among the world's major economies, and China has seen an increase in its international market share," said Li Kuiwen, a spokesman for the customs agency. Taking into account the impact of the high base of foreign trade in 2020, the growth rate of imports and exports may fall in the fourth quarter of this year, but the overall upward trend of China's foreign trade will not change, and rapid growth throughout the year is still expected," Li said.

The bigger problem for exports is that foreign demand has been buoyed by large stimulus in developed economies and shifts in consumption patterns due to the pandemic, both of which are likely to unwind over the coming quarters," Julian Evans-Pritchard of Capital Economics said in a commentary.

He said imports are also likely to weaken as property construction slows and commodity prices retreat after surging in the initial rush of manufacturing as economies loosened pandemic-related restrictions. China's global trade surplus rose to 68 billion in September from 52 billion in August. That was the highest level since 2015. The politically sensitive trade surplus with the U.S. rose to 42 billion in September from nearly 38 billion in August, the report said.