China: Export stayed resilient in September on strong demand from nonUS markets – UOB Group
|Both China’s export and import growth were well-above Bloomberg’s consensus forecasts in September. China’s exports rose at the fastest pace in six months at 8.3% y/y in September (Bloomberg est: 6.6%, August: 4.4%) and imports jumped sharply by 7.4% y/y (Bloomberg est: 1.8%, August: 1.3%). In CNY-terms, exports were up 8.4% y/y (August: 4.8%) while imports were similarly higher at 7.5% y/y (August: 1.7%). Due to the larger improvements in imports, China’s trade surplus narrowed to US$90.45 bn from US$102.33 bn in August, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
China’s rare earth export moderates at a sharper pace in September
"Exports remained buoyed by non-US markets while US continued to be the worst performing major market for China as supply chains diversification accelerates. Export to the US contracted for the 6th consecutive month since Apr, though the decline narrowed to -27.0% y/y in September from -33.1% y/y in August. In September, export growth was led by markets such as South Africa (+23.3%), India (+14.4%), EU (+14.2%), and ASEAN (+15.6%) in particular Vietnam (+24.5%), Thailand (+19.7%) and Indonesia (+17.1%)."
"By key products, the strongest export growth was seen in ships, semiconductors, LCD panels, Chinese medicine and motor vehicles which expanded at a doubledigit pace in September. On the other hand, contractions were the worst for consumer goods such as toys, footwear, handbags and garments as well as commodities such as refined petroleum products and steel/iron products, indicating a slowdown in global consumer demand."
"China’s rare earth export which is at the center of its tensions with the US, moderated at a sharper pace in September. In volume terms, rare earth shipments fell 30.9% compared to August, to 4,000 tons in September."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.