China’s exports, imports top forecasts amid tensions
China’s export growth accelerated in September, boosted by manufacturers finding buyers in markets outside the United States as a tariff deal with President Donald Trump remains elusive as investors grapple with the latest salvos in the trade war.
Shipments from the world’s second-largest economy rose 8.3 per cent year-on-year to US$328.5 billion ($A505.6 billion) last month, customs data showed on Monday, marking the fastest growth since March, outpacing the 6 per cent rise in a Reuters poll. They compared with a 4.4 percent increase in August.
Imports rose 7.4 percent, the fastest pace since April 2024, compared with a 1.3 percent increase a month ago and a forecast increase of 1.5 percent.
China’s exports to the United States have fallen for six months. It fell 33 percent in August.
“Chinese firms are actively entering new markets with the relative cost advantage of their goods, that’s for sure,” said Xu Tianchen, senior economist at the Economist Intelligence Unit in Beijing.
“The United States currently accounts for only less than 10 percent of China’s direct exports,” he added.
“100 percent tariffs will undoubtedly increase the pressure on China’s export sector, but I don’t think the impact will be as great.”
Trump announced Friday that he would impose 100 percent additional tariffs on Chinese U.S.-bound exports after Beijing placed several new rare earth elements under export controls and imposed additional scrutiny on semiconductor users, reigniting a trade war between the two economic powers.
Analysts have said China is likely trying to expand its influence ahead of talks between Trump and Chinese President Xi Jinping expected later this month.
No other country comes close to the consuming power of the United States, which once absorbed over US$400 billion ($A616 billion) of Chinese goods every year.
But policymakers are counting on factory owners to increase sales to Asia, Africa and Latin America to offset trade restrictions and keep the US$19 trillion ($29 trillion) export-led economy on track to meet its official annual growth target of around 5 percent.
The two superpowers appear to be trying to chart a path beyond their current tariff truce, which is a 90-day pause that runs from August 11 to around November
Chinese exporters have also made progress in other markets. Exports to regional rival India hit an all-time high in August, according to the latest customs data, and shipments to Africa and Southeast Asia are on track for annual records.
with AP
