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Financial News: China's Exports Grow Less Than Forecast; Imports Growth

China's Exports Grow Less Than Forecast; Imports Growth Tops Expectations

10/13/2017 - 03:07:00 (RTTNews)

(RTTNews) - China's exports expanded at a slower than expected pace but remained robust in September. At the same time, imports growth exceeded expectations on improving domestic demand.

Exports climbed 8.1 percent year-over-year in September, data from the General Administration of Customs showed Friday. Economists had forecast exports to climb 10.0 percent, following August's 5.5 percent increase.

At the same time, imports surged 18.7 percent in September from a year ago, faster than the expected growth of 15.0 percent.

As result, the trade surplus totaled $28.47 billion in September versus the expected level of $38.0 billion.

In renminbi terms, exports advanced 9 percent and imports grew 19.5 percent in September. Economists had forecast 11.5 percent rise in shipments and 16.5 percent increase in imports.

Looking ahead, Julian Evans-Pritchard, an economist at Capital Economics, said he expects any further weakening of exports to remain mild given the relatively upbeat outlook for growth in China's main trading partners.

In contrast, imports may eventually face a sharper slowdown as support from loose fiscal policy reverses after the Party Congress, with local governments forced to pair back spending in the final months of the year in order to meet budget targets, the economist added.

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