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

Digital growth
Updated 25 Apr, 2024

Digital growth

Democratising digital development will catalyse a rapid, if not immediate, improvement in human development indicators for the underserved segments of the Pakistani citizenry.
Nikah rights
25 Apr, 2024

Nikah rights

THE Supreme Court recently delivered a judgement championing the rights of women within a marriage. The ruling...
Campus crackdowns
25 Apr, 2024

Campus crackdowns

WHILE most Western governments have either been gladly facilitating Israel’s genocidal war in Gaza, or meekly...
Ties with Tehran
Updated 24 Apr, 2024

Ties with Tehran

Tomorrow, if ties between Washington and Beijing nosedive, and the US asks Pakistan to reconsider CPEC, will we comply?
Working together
24 Apr, 2024

Working together

PAKISTAN’S democracy seems adrift, and no one understands this better than our politicians. The system has gone...
Farmers’ anxiety
24 Apr, 2024

Farmers’ anxiety

WHEAT prices in Punjab have plummeted far below the minimum support price owing to a bumper harvest, reckless...