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China posts stronger export growth

2021-10-13 HKT 14:37
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  • Export growth in China in September beats expectations. File photo: Shutterstock
    Export growth in China in September beats expectations. File photo: Shutterstock
China's export growth unexpectedly accelerated in September, as still solid global demand offset some of the pressures on factories from power shortages, supply bottlenecks and a resurgence of domestic Covid-19 cases.

Outbound shipments in September jumped 28.1 percent from a year earlier to US$305.7 billion, up from a 25.6 percent gain in August.

That was slightly faster than the 26 percent increase logged in August, and better than economists' forecasts.

Imports, meanwhile, rose 17.6 percent to US$240 billion, less than the previous month’s 33 percent.

China's global trade surplus rose to US$68 billion in September from US$52 billion in August. That was the highest level since 2015.

“China’s foreign trade performance is leading the field among the world’s major economies, and China has seen an increase in its international market share," said Li Kuiwen, a spokesman for the customs agency.

“Taking into account the impact of the high base of foreign trade in 2020, the growth rate of imports and exports may fall in the fourth quarter of this year, but the overall upward trend of China’s foreign trade will not change, and rapid growth throughout the year is still expected."

China's total imports and exports expanded 22.7 percent year on year to 28.33 trillion yuan (US$4.38 trillion) in the first three quarters of 2021.

The figure marked an increase of 23.4 percent from the pre-epidemic level in 2019, according to the General Administration of Customs. (Xinhua, Reuters, AP)