China Exports Log Strong Growth Despite Trade Tensions
(RTTNews) - China's exports and imports logged notable growth in September as the world's second largest economy strengthened its trade ties with other nations amid escalating trade tensions with the US.
Exports advanced 8.3 percent year-on-year in September, data from the customs office showed Monday. The annual rate was forecast to rise moderately to 6.0 percent from 4.4 percent in August.
Moreover, the 8.3 percent growth was the fastest in six months.
Similarly, growth in imports accelerated to 7.4 percent from 1.3 percent in the previous month. This was the biggest growth in 17 months and also much faster than forecast of 1.5 percent.
Due to the stronger growth in imports, the trade surplus fell to $90.5 billion in September. Also, the surplus remained below the expected level of $98.5 billion.
Exports to the US plunged 27.0 percent from the last year. This was offset by the increase in exports to other economies. Shipments to EU advanced 14.2 percent and that to ASEAN climbed 15.6 percent.
The resilience shows that China has strengthened trade with the rest of the world amid US protectionism, said ING economist Lynn Song.
Song said that external demand should remain an important driver of China's growth for the rest of the year.
China's rare earth exports decreased nearly 31 percent in September from the previous month.
China announced export controls on rare earth and related technologies last week, prompting a threat from US President Donald Trump to impose additional tariff of 100 percent on Chinese goods. Trump is set to meet President Xi Jinping in South Korea later this month.
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