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General Administration of Customs: China’s imports and exports both grew strongly in September, 2020

General Administration of Customs: China’s imports and exports both grew strongly in September

According to figures released by the General Administration of Customs on Tuesday, China’s imports in September increased by 13.2% year-on-year, after a decline of 2.1% in August.

Exports in September were higher than market expectations for the sixth consecutive month, with a year-on-year increase of 9.9%, the fastest growth rate in more than a year. The demand for medical equipment home and electronic goods brought about by the new crown epidemic continued to boost China’s exports.

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Taken together, the strong trade data indicates that China’s economy is recovering steadily. Most economists expect that when the third quarter gross domestic product (GDP) data is released next Monday, people will see that China’s economy has recovered to the top 5 of the epidemic. %-6% growth trend, and this trend will continue until the end of the year.

An economist at Goldman Sachs told clients in a report on Tuesday: “In the next few months, we expect the strong momentum of exports to continue, and imports could also continue to be supported by the recovery in domestic activity. Continue to expand.”

Last month, China’s acquisitions from the top three trading partners increased rapidly, with imports from the United States recovering the most. China’s imports from the United States in September increased by 24.8% year-on-year, faster than the 1.8% increase in August.

Although the new crown epidemic has severely disrupted the global economy this year and caused China to be far from fulfilling its purchase promises made in January, U.S. and Chinese trade officials reiterated their commitment to the trade agreement in a telephone meeting in late August.

In September, China’s total imports of agricultural products and industrial-related commodities continued to rise sharply, but the official data released on Tuesday did not include data broken down by the sources of these commodities. This information will be announced later this month.

Julian Evans-Pritchard, an economist at Capital Economics, said that in any case, strong imports highlight the strong rebound in China’s domestic demand, and infrastructure and real estate investment may have promoted the purchase of industrial commodities.

In terms of exports, the export of medical supplies and home office supplies is the main reason why China’s export growth has exceeded expectations. In the first three months of this year, China was the country whose economy was most affected by the new crown epidemic, but basically resumed factory production in the second quarter, thus gaining a competitive advantage when many other countries around the world were affected by the lockdown measures.

This allows China to occupy a larger share of the global export market this year.

Economists have repeatedly predicted that with the successive recovery of exports from other countries, China’s exports of medical equipment and home office equipment will weaken, but official data released on Tuesday show that China’s strong momentum in this area has not slowed down. .

Overall, China’s import growth was greater than that of exports, which narrowed China’s trade surplus in September from US$58.9 billion in August to US$37 billion, which was smaller than the US$58.4 billion surplus expected by economists.

General Administration of Customs: China’s imports and exports both grew strongly in September

Written by Hüseyin Ali

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