China’s exports decline less than expected in September, while imports fall slightly more
BEIJING — China reported that its exports in September fell by a smaller-than-expected 6.2% compared to the same period last year, according to customs data released on Friday. Analysts had forecasted a 7.6% drop in exports in a Reuters poll.
Imports also decreased by 6.2% in U.S. dollar terms in September compared to last year, slightly more than the 6% decline expected by analysts.
China’s exports have seen year-on-year declines every month since May, reflecting lackluster global demand for Chinese goods and muted domestic demand.
The country’s recovery from the pandemic has slowed in recent months, primarily due to a slump in the massive real estate sector. The International Monetary Fund (IMF) has adjusted its 2023 China growth forecast to 5% from 5.2% this week, while maintaining a global growth forecast of 3% for the year. In 2022, the world economy grew by 3.5%.
China is expected to report September retail sales on October 18, along with third-quarter GDP figures.
In efforts to offset rising tensions with the U.S. and Europe, China has been prioritizing trade with regional partners in Southeast Asia and Belt and Road Initiative (BRI) countries. The BRI is a China-led initiative aimed at developing regional infrastructure such as ports and railways.
China has claimed that as of the end of September, it has trains running to 217 cities in 25 European countries. Cargo transported along these rail lines accounted for 8% of China-EU trade in 2022, marking a significant rise from 1.5% in 2016, according to Chinese officials.
Furthermore, China has reported that imports and exports with Belt and Road partner countries reached $19.1 trillion between 2013 and 2022, with an average annual growth in trade of 6.4%.
The third Belt and Road forum is scheduled to take place in Beijing on Tuesday and Wednesday, with Russian President Vladimir Putin expected to attend.