China’s Sept trade growth sets three-month record
Rising US, Japanese demand driving trade: expert
China’s trade growth for September reached a three-month high, customs data in US dollar-denominated terms showed on Friday.
China’s trade surged by 12.7 percent year-on-year to $368 billion in September, according to the General Administration of Customs.
Exports surged 8.1 percent on a yearly basis to $198 billion and imports rose 18.7 percent year-on-year to $169.8 billion.
Exports showed a positive trend in the first three quarters of this year amid mild global economic growth and an improving domestic economy, said customs spokesman Huang Songping.
In the first nine months of this year, China’s trade surged 11.7 percent on a yearly basis to $2.97 trillion in total.
Rising demand from overseas markets like the US and Japan was the main reason for recent strong domestic trade, Xu Hongcai, deputy chief economist at the China Center for International Economic Exchanges, told the Global Times Friday.
“Reduced industrial production as a result of the government’s decision to cut excessive industrial stock has also caused rising demand for some overseas products which has driven up imports,” Xu said.
China’s trade with the EU surged 11.8 percent from January to September. It was up 13.7 percent with the US and 10.1 percent with Japan, Huang said.
China’s trade with countries along the Belt and Road initiative also surged, customs spokesman Huang noted.
China’s trade with Russia surged 22.4 percent in the first three quarters, the data showed.
Trade with North Korea deteriorated in recent months, an intensifying trend in September. China’s imports from North Korea slid 37.9 percent year-on-year to about $8.89 million, Huang said.
China’s exports to North Korea in September slumped 6.7 percent on a yearly basis in September compared with a 6.4 percent decline the previous month.
Imports like coal, iron ore and clothes all slumped in September and there were no records of seafood imports that month, Huang said on Friday.
The Chinese government announced on August 14 its decision to ban all imports of coal, iron, ore, lead and seafood from North Korea starting August 16 in accordance with United Nations Security Council sanctions on North Korea over its nuclear program, according to Reuters.
China’s future trade status with North Korea depends on how North Korea’s nuclear program evolves, Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation in Beijing, told the Global Times on Friday.
Although rising external demand has helped China’s trade, Bai warned that protectionism “still prevails.”
“China should quicken trade structural upgrading,” Bai said.