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Chinese exports slowed sharply in September, raising concerns about the future of the economy - Infobae
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Las exportaciones chinas registraron una fuerte desaceleración en septiembre y crece la preocupación por el futuro de su economía
Las perspectivas del comercio como motor del crecimiento chino se ven afectadas por los recientes aranceles impuestos por EEUU y Europa. El país también registró un débil aumento de las importaciones, un reflejo de la merma de la demanda causada por crisis inmobiliaria
www.infobae.com
October 14, 2024
The prospects for trade as a driver of Chinese growth are being affected by recent tariffs imposed by the US and Europe. The country also saw weak import growth, reflecting weak demand caused by the housing crisis.
Containers at a terminal at the Yangshan deepwater port in Shanghai. (REUTERS/Casey Hall)
China's exports slowed sharply in September as global demand weakened , adding to concerns about how to revive growth in the world's second-largest economy.
Exports rose 2.4 percent in dollar terms last month, compared with 8.7 percent year-on-year growth in August, China's customs office said Monday.
Imports rose only 0.3% in September .
Economists had estimated that exports would rise by around 6% and imports would increase by around 0.9%.
China posted a trade surplus of $81.7 billion in September, down from $91 billion in August.
Chinese leaders are scrambling to revive the economy since the end of the COVID-19 pandemic.
The United States and Europe have recently raised tariffs on Chinese exports of electric vehicles and other products, clouding the outlook for Chinese trade as an engine of growth. The weak import growth reflects weak demand, due in part to a prolonged slump in the property sector , a key driver of sales of all kinds of goods.
Other data released on Monday showed inflation weakening and wholesale prices from manufacturers falling.
A group of people walk past residential buildings next to the Evergrande City Plaza in Beijing. (REUTERS/Florence Lo/File)
Policymakers in Beijing have announced a raft of measures to boost the economy , including the advance distribution of 200 billion yuan ($28.2 billion) from next year's budget for spending and construction projects. Over the weekend, Finance Minister Lan Foan reiterated that the government is considering even more measures to spur faster growth.
But Lan and other officials have yet to provide stimulus of the magnitude that economists say is needed to pull the economy out of its doldrums.
So far this year, through the end of September, Chinese exports have risen 4.3% year-on-year , helped by a surge in auto shipments, which rose more than 20% , according to a report by ING Economics. But overall exports are slowing.
“With this engine of growth stagnating, other areas of the economy, such as investment and consumption, will have to step up to meet this year’s growth targets ,” the report said, referring to the government’s goal of annual economic growth of around 5% this year.
Zichun Huang of Capital Economics said in a note that if the government follows through on its promises to increase spending, it could boost imports of a range of goods , including industrial materials.
At the beginning of the year, the Chinese export sector was the main factor supporting its manufacturers.
“We believe shipments will remain strong in the near term , supported by rising export competitiveness,” Zichun Huang of Capital Economics said in a note. “Going forward, however, rising trade barriers are likely to become an ever-greater constraint . ”
