China’s trade surplus hits $938 billion for Jan-Sep as pressure ramps up to rebalance trade
HONG KONG (AP) — China’s exports surged 36.3% in September from a year earlier, its customs agency said Wednesday, bringing it on track to exceed last year's record trade surplus as pressure ramped up from its trading partners, including the European Union, to rebalance trade.
The exports data, which was better than what economists had expected, accelerated from the 25% growth in August. High-tech goods such as semiconductors and autos have helped fuel its rising shipments overseas.
Imports climbed 31% in September year-on-year, also accelerating from August’s 28.2% rise.
That resulted in a $133.5 billion trade surplus for China last month, widening from $119.1 billion in August.
For the first nine months, China’s trade surplus reached $938 billion, with expectations growing that it could surpass last year’s full-year $1.2 trillion record.
Strong exports have helped drive China’s overall economic growth this year, at a time when domestic consumption and investment remained sluggish, weighed on by a yearslong real estate sector downturn.
However, China’s export resilience is now faced with mounting challenges, said Ecaterina Bigos, a senior market strategist at BNP Paribas Asset Management.
“While U.S.-China trade tensions have eased somewhat, the EU’s push to rebalance directly targets high-value exports,” she said.
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