Beijing China’s import and export growth slowed in September, with transportation bottlenecks and other upheavals and the outbreak of the coronavirus, according to customs data reported on Wednesday.
According to the report, exports grew by 28.1% to $ 305.7 billion. This was slightly slower than the 33% growth recorded in August, but faster than economists had predicted. Imports rose 17.6% to $240 billion, down 26% from the previous month, but slightly higher than expected.
Industrial supply chain turmoil continues after last year’s global recession. Rising infections in the United States and several other markets have also weakened consumer sentiment.
This year’s trade value has distorted compared to 2020, when global demand fell in the first half of the year after the government closed factories and shops to fight the pandemic. Chinese exporters resumed operations in March 2020 after the ruling Communist Party declared it under virus control, but foreign competitors were still hampered by anti-virus controls.
Economists predict that growth in global demand for Chinese products will ease as disease control eases and entertainment, travel and other service industries restart.
Overall growth in the two-way trade from July to September rose 15%, up from 25% year-on-year in the previous quarter.
According to the report, the politically sensitive trade surplus with the United States increased from about $38 billion in August to $42 billion in September.
More than three years after former US President Donald Trump launched a tariff war against Beijing, the administration of his successor, Joe Biden, demanded China to withdraw some of these disciplinary obligations. It doesn’t tell whether you agree or not.
Biden’s chief trade officer, Catherine Tai, said last week that she plans to hold open talks with Beijing about complaints about policies that foreign companies say gives China an unfair advantage over Chinese competitors.
General Administration of Customs of China (Chinese): www.customs.gov.cn
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China rose 28% in September. The surplus with the US is $42 billion
Source Link China up 28% in September. The surplus with the US is $42 billion