China imports, exports down in September as growth cools

Published October 14, 2019
Customers weigh vegetable and fruits at a Walmart in Beijing, China on September 23. — Reuters
Customers weigh vegetable and fruits at a Walmart in Beijing, China on September 23. — Reuters

China's imports and exports fell more than expected in September, official data showed on Monday, as cooling demand at home and abroad hit trade in the world's second largest economy.

Globally, China's exports dropped 3.2 per cent in September from the same period last year, while imports dived 8.5 per cent, according to data from the customs administration.

The figures were worse than a Bloomberg forecast, which estimated exports to drop 2.8 per cent and imports fall 6.0 per cent.

The European Union has also replaced the United States as China's top trading partner amid a bruising tariffs spat, with imports from the US down 26.4 per cent on-year in September.

China promised to increase US agricultural purchases in a partial US-China deal announced on Friday, which also includes protections for intellectual property and opening up financial markets.

Engulfed in an impeachment inquiry, US President Donald Trump heralded the deal as a major breakthrough.

But the deal may only offer a temporary tariff reprieve because it lacks specifics and leaves the thorny issues such as unfair state subsidies to Chinese firms for later, analysts told AFP.

So far, the two sides have imposed punitive tariffs covering more than $360 billion worth of goods in two-way trade.

China's trade surplus with the US narrowed 3.9 per cent to $25.8 billion in September from $26.9 billion in August.

"The mini US-China trade deal reached on Friday doesn't alter the outlook significantly," said Martin Lynge Rasmussen, China economist at consultancy Capital Economics.

"Looking ahead, exports look set to remain subdued in the coming quarters," he wrote in a research note. China's total trade surplus in September was $39.65 billion.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....
Rigging claims
Updated 04 May, 2024

Rigging claims

The PTI’s allegations are not new; most elections in Pakistan have been controversial, and it is almost a given that results will be challenged by the losing side.
Gaza’s wasteland
04 May, 2024

Gaza’s wasteland

SINCE the start of hostilities on Oct 7, Israel has put in ceaseless efforts to depopulate Gaza, and make the Strip...
Housing scams
04 May, 2024

Housing scams

THE story of illegal housing schemes in Punjab is the story of greed, corruption and plunder. Major players in these...