MNI DATA IMPACT: China Sep Imports Beat Expectations

China's foreign trade performed better-than-expected in the first three quarters, data from General Customs showed on Tuesday. The release attributed the improvement to stable policies.

Here are some highlights from the release:

• Exports accelerated 9.9% y/y to $239.76 billion in September, marking the fourth consecutive monthly rise. Exports declined 0.8% y/y over the first three quarters, narrower than the 2.3% y/y drop in the year-ago period.
• Exports to the EU rose 3.1% y/y in the first nine months, while those to Japan and the US fell 2.7% and 0.8%, respectively.
• Imports surged by 13.2% y/y to $202.76 billion in September as against a 2.1% fall in the year-ago period. It is the biggest increase so far this year and above market expectations. Year to date, imports fell 3.1% y/y, slower than the 5.2% y/y decline reported in Jan-Aug.
• Jan-Sep imports from ASEAN countries showed the fastest increase out of five markets, up by 5.1% y/y. Imports from the EU were down 3.6% y/y, while those from Japan and the US were up 0.3% y/y and 0.2% y/y, respectively.
• The trade surplus narrowed to $37.0 billion in September from $58.9 billion posted in August, bringing the total balance to $326.1 billion for the Jan-Sep period.
• The global economy is in recession due to the pandemic and with uncertainties rising, China will continue with current policies to achieve its 2020 economic goals, Customs said.