China has reported its exports and imports both fell in September from a year earlier as global demand remained muted
ByZEN SOO AP business writer
October 12, 2023, 11:49 PM
HONG KONG — China’s exports and imports both fell in September from a year earlier, though they contracted at a slower pace even as global demand remained muted.
Customs data released Friday showed exports for September slid 6.2% to $299.13 billion in the fifth straight month of decline. Imports also slid 6.2% to $221.43 billion.
China posted a trade surplus of $77.71 billion, up from $68.36 billion in August.
Lu Daliang, spokesperson of the General Administration of Customs, said in a press conference Friday in Beijing that the unstable momentum of the global economy’s recovery from the pandemic was the biggest challenge facing China’s exports.
China’s economy has declined at a slower pace after leaders enacted a slew of policy support measures in recent months. However, property sector remains a drag on the economy, with sales slumping and developers struggling to repay massive amounts of debt.
The central bank has eased borrowing rules and and cut mortgage rates for first-time home buyers while providing some tax relief measures for small businesses.
Demand for Chinese exports weakened after the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.