China's exports and imports surge past expectations in September
The country's customs agency released September trade data on Wednesday.
TL;DR
- China's exports increased by 36.3% in September year-on-year, the fastest pace since February.
- Imports rose by 31%, the quickest increase since June.
- Both export and import figures exceeded Reuters' poll estimates.
- Exports to the U.S. grew by nearly 39.6%, resulting in a record monthly trade surplus of $133.5 billion.
- Integrated circuit board exports surged by 136% in value, though unit volume only rose by 1%.
- Crude oil import volume fell for the sixth consecutive month, despite a value increase.
- Demand for AI-related parts and a stabilization in U.S. trade relations boosted exports.
- Plans to roll back tariffs between the U.S. and China were announced.
- China agreed to halve its hybrid car exports to the EU.
- Overall car exports increased by 56.3% in September.
- While exports grew to most major countries, imports from Malaysia, Germany, and the U.K. fell.
- Rare earths and fertilizer export volumes dropped, while fertilizer imports surged.