HONG KONG: In September, China witnessed a decline in both exports and imports compared to the same period last year, albeit at a slower rate, reflecting the ongoing subdued global demand. According to the latest customs data released on Friday, exports for September decreased by 6.2%, amounting to $299.13 billion, marking the fifth consecutive month of decline. Concurrently, imports also saw a 6.2% slide, reaching $221.43 billion.
Despite the contraction, China maintained a trade surplus of $77.71 billion, showing an increase from the $68.36 billion surplus recorded in August. Lu Daliang, spokesperson of the General Administration of Customs, addressed the data during a press conference in Beijing on Friday, highlighting the unstable momentum of the global economy’s recovery from the pandemic as a significant challenge for China’s export sector.
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China’s economy has been navigating a slower pace of decline, attributed to the implementation of various policy support measures by the country’s leadership in recent months. However, the property sector continues to exert a drag on the economy, with sluggish sales and developers grappling with substantial debt repayment.
To bolster the economy, China’s central bank has eased borrowing rules and reduced mortgage rates for first-time home buyers, along with implementing tax relief measures aimed at supporting small businesses. Despite these efforts, demand for Chinese exports has been tempered, particularly after the Federal Reserve and central banks in Europe and Asia initiated interest rate hikes last year to combat inflation, which had reached multi-decade highs. These measures have contributed to a challenging global trade environment, impacting China’s export dynamics.
