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%.