China’s export growth accelerated in September
13 October, 2012, 11:36. Posted by Zarathustra
China’s trade data for September show some improvement in growth.
Export growth picked up to 9.9% yoy in September, up from 2.7% yoy in August, and better than consensus estimate fo 5.5% yoy. Import growth picked up to 2.4% yoy, up from –2.6% yoy in August, matching consensus estimate. On a month-on-month seasonally adjusted basis, export increased by 10.9%, and import increased by 13.8%.
Trade surplus for the month increased to US$27.649 billion for September compared with US$26.661 billion in August.
Source: General Administration of Customs
Export to European Union in September was down 10.7% compared with a year ago, which remains very weak. Export to the United States increased by 5% yoy. Meanwhile, import from Australia is down 18% yoy.
Source: General Administration of Customs
The trade data for September are better than expected with export growth surprises on the upside. The pace of contraction in export to Europe is moderating, however export to developed world remains relatively weak in general. On the import side, growth has been below export for the best part of the year, and September was no exception, highlighting the weak domestic demand. The consistent weakness of domestic demand results in year-to-date trade surplus being 39% higher than it was in the same period of last year according to our own calculation.
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.