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Financial News: China's Exports Fall More Than Expected

China's Exports Fall More Than Expected

10/14/2019 - 00:38:00 (RTTNews)

(RTTNews) - China's exports declined more than expected in September reflecting weak global growth and trade disputes with the US administration.

In dollar terms, exports fell 3.2 percent year-on-year in September, data from the General Administration of Customs showed Monday. This was bigger than the expected 3 percent decrease and prior month's 1 percent fall. At the same time, imports decreased 8.5 percent annually versus the expected decline of 6 percent.

As a result, the trade surplus increased to $39.65 billion from $34.83 billion a month ago. The expected level was $36.73 billion.

In yuan terms, exports and imports dropped 0.7 percent and 6.2 percent, respectively in September.

Data came after the US and China reached a "phase one" trade deal last week. The US agreed to hold off on tariff hikes planned for this week.

The mini US-China trade deal reached on Friday does not alter the outlook significantly, Martin Lynge Rasmussen, an economist at Capital Economics, said.

Looking ahead, exports look set to remain subdued in the coming quarters as any prop from a weaker renminbi should be overshadowed by broad external weakness and US tariffs, the economist noted.

A partial rebound in headline import growth is likely in the near term, though cooling domestic demand means a strong rebound is unlikely, Rasmussen added.

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