China’s imports post biggest surge since before coronavirus pandemic, as trade recovery gathers steam
- China’s exports grew by 9.9 per cent in September year on year, while imports surged by 13.2 per cent, the first growth of inbound shipments since June
- Export growth aided by reopening overseas markets, but with new outbreaks of the coronavirus across Europe and the United States, demand may be fragile
China’s trade economy continued to grow strongly in September, with its customs bureau announcing the strongest import growth since December on Tuesday, sending monthly inbound shipments to an all-time high of US$203 billion.
Imports grew by 13.2 per cent last month from a year earlier, having been forecast to grow by just 0.4 per cent. This was up from a 2.1 per cent contraction in August and marks a surprising turnaround.
China’s overall trade surplus dropped sharply to US$37 billion in September, down from US$58.93 billion in August.
The growth in exports was the strongest performance since March 2019, when exports expanded by 14.2 per cent. It comes amid rising consumption abroad as markets reopened from coronavirus shutdowns, boosting China’s shipments.