MNI BRIEF: China Foreign Trade Grow Steady; Exports +4.3% YTD
MNI (BEIJING) - China's foreign trade saw steady growth in the first three quarters of 2024, with exports and imports volume exceeding CNY32 trillion yuan for the first time, according to data released by Customs on Monday.
Exports increased 2.4% in September, slowing from last 8.7% growth and 6.0% consensus while Imports rising by 0.3% y/y, following August's 0.5% increase and missing the 0.5% forecast. Imports increased 2.2% y/y over the Jan-Sep period, and exports increased 4.3%. China’s trade surplus in the first nine months hit USD689.5 billion, with September contributing USD81.71 billion.
China's foreign trade is still facing some challenges with both internal and external environment more complicated. The intensification of global trade protectionism, weak growth momentum in major markets, and increasing uncertainty and instability are main challenges. However, we should see that China has the fundamentals of the economy and the favorable conditions of a broad market, strong resilience and great potential have not changed. The stable growth of imports and exports in the fourth quarter has a basis and support, said Wang Lingjun, deputy director of the General Administration of Customs. (see MNI BRIEF: China Foreign Trade Facing Pressure In Q4 )