For years, China flooded Europe with exports that were crushing profits and killing jobs, while warning the bloc not to fight back. Now, Beijing is backing down, at least temporarily.
Beijing’s concession on hybrid vehicles shows how much it needs the European market
In September, China's exports surpassed all predictions, while imports also exceeded expectations, highlighting the robustness of external demand despite ongoing domestic economic difficulties. U.S. dollar exports surged 36.3% year-on-year, outpacing economists' projections of a 25.5% rise and accelerating from the 25.0% growth in August, according to customs data released on Wednesday.
The export increase marked the strongest pace since February of this year. Meanwhile, imports climbed 31.0%, surpassing the 24.5% growth forecast and the 28.2% rise in August. This led to a widening trade surplus to $133.53 billion in September, exceeding the $116.80 billion forecast and the $119.09 billion increase in August, as per the data.
These stronger-than-expected results indicate that overseas demand continues to bolster the world's second-largest economy. Manufacturers are counting on foreign markets to absorb production amidst subdued domestic consumption and a prolonged downturn in the property sector. High-tech goods, particularly those linked to the global artificial intelligence investment surge, have fueled China's export momentum.
The data will be closely examined for indications that external demand can sustain weak domestic spending and bolster economic growth.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- China exports surge past expectations in Sept; trade surplus widens hellenicshippingnews.com