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MNI BRIEF: China Sep Exports Drop Further, Down 6.2% Y/Y

MNI (Singapore)
(MNI) Beijing

China's exports decreased by 6.2% y/y in September, marking the fifth monthly fall after August's 8.8% y/y drop, despite beating consensus of a 7.5% y/y fall. The drop was mainly due to the shrinking external demand, data from Customs showed Friday.

Exports in the first three quarters of 2023 totaled USD2.52 trillion. ASEAN countries - accounting for 15.2% of total exports - declined by 4.8% over the Jan-Sep period while those to the E.U., the second biggest buyer, decreased 10.6%. U.S. exports declined 16.4% y/y.

Imports decreased 6.2% y/y against August's 7.3% y/y fall, the seventh consecutive monthly drop, driven by falling commodity prices. The market had expected a 6.0% y/y fall. Imports in the first nine months amounted to USD1.89 trillion. The trade surplus over the January-September period was USD630.3 billion, with September contributing USD77.71 billion.

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