Challenges lay ahead as China imports and exports continue to fall in September
China trade figures in September remained sluggish, with exports and imports contracting year on year basis, the fall showed a sign of recovery as the rate of decline slowed down, the General Administration of Customs said yesterday.
Exports fell to US$115.9 billion, which was down 15.2 per cent from September 2008, but the trade figure is the smallest fall in nine months.
Imports figures reported a 3.5 per cent decrease to US$103 billion, which was the smallest decline since imports began to slide in November 2008.
China trade surplus contracted to US$12.93 billion from US$15.7 billion.
The improving trade data stemming from Beijing’s stimulus packages is expected to continue in November. The latest performance of 106th Canton Fair in October (广交会) will also provide insights for analysts.
China government has taken steps to support exporters by raising value- added tax rebates, increasing tax refunds and improving export credit insurance.
With high unemployment in the United States, European Union economies and Japan likely to persist for some time, a rapid rebound in advanced economies’ consumer spending and Chinese exports were unlikely, warned by Nikhilesh Bhattachatyyaan economist at Moody’s Economy.
Between January and August, China’s total trade with the European Union fell 19.4 per cent while trade with the US fell 15.8 per cent and trade with Japan declined 20 per cent.
Read China Can’t Trade Back to Normality for more details.
China-Exports-figures-in-Septemeber_ image courtesty of General Administration of Customs
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