China’s exports, imports declined at slower pace in September on low base, policy support
DATA MACRO
China’s exports, imports declined at slower pace in September on low base, policy support
DATA MACRO

China’s exports, imports declined at slower pace in September on low base, policy support

 

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China’s exports and imports declined at a slower pace in September from a year earlier partly due to a low base last year and as policy support measures over recent months have begun to stabilise some parts of the world’s second-biggest economy.

In US-dollar terms, China’s exports declined by 6.2% in September from a year earlier, narrowing from the 8.8% drop in the previous month and better than the 7.6% drop expected by analysts in a Reuters survey.

Imports fell by 6.2% in September from a year ago, narrowing from the 7.3% fall in the previous month and slightly more than the 6% decline expected by the Reuters poll.

In yuan’s terms, China’s exports fell 0.6% in September from a year earlier, while imports fell 0.8%, showed the data.

China’s exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year.

Exports to the US, Japan and European Union all declined at a slower pace in September, with shipments to the US sliding 9.3% year over year , narrowing by 0.2 percentage points from the previous month; exports to Japan fell 6.4%, narrowing by 13.7 percentage points; and shipments to the EU fell by 11.6%, narrowing by 8 percentage points, showed the data.

By product category, China’s export of mechanical and electrical products fell by 6.1% year over year in September, narrowing by 1.2 percentage point from the previous month, and of that, exports of high-tech products fell by 8.3%, narrowing by 5 percentage points.

Exports of medical instruments and appliances returned to growth, growing by 5.3% in September from a year earlier, improving by 12.4 percentage points from the previous month, while exports of mobile phones fell by 7.1%, narrowing by 13.4 percentage points. Exports of home appliances grew by 12.4%, while exports of automobile and chassis grew by 45.1%.