China’s Sept trade growth sets three-month record

Ris­ing US, Ja­panese de­mand driv­ing trade: ex­pert

Global Times - Weekend - - FRONT PAGE - By Xie Jun

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.