Chinese export growth in September exceeds expectations, record US record

BEIJING (Reuters) – China on Friday announced an unexpected acceleration of export growth in September and a record trade surplus with the United States, which could exacerbate the already heated conflict between Beijing and Washington.

September's exports increased by 14.5% over the previous year, according to Chinese customs data. This was above expectations of an 8.9% increase in a Reuters survey and was well above the 9.8% increase recorded in August.

In September, import growth slowed moderately, from 19.9% ​​in August to 14.3%, but analysts' forecasts did not forecast growth of 15.0%.

China's trade surplus with the United States hit a record high in September, despite the wider application of US tariffs, which could push President Donald Trump to set fire to the powder in Beijing.

The politically sensitive surplus was $ 34.13 billion in September, surpassing the record $ 31.05 billion reached in August.

Chinese export data surprisingly resisted tariffs, perhaps because firms accelerated their shipments before the entry into force of wider and more rigid US tariffs.

A weaker yuan CNY = CFXS, which depreciated by about 6 percent against the dollar this year, may have eased the $ 250 billion export price burden to the United States. United.

In the first nine months of the year, the Chinese surplus with its largest export market amounted to $ 225.79 billion, compared to about $ 196.01 billion for the same period last year. 'last year.

Feel the heat

For trade with all countries, China had a surplus of 31.69 billion dollars in September, against 19.4 billion in a poll by Reuters and 27.89 billion in August.

The Chinese economy has been hit by a flagrant tariff dispute and is showing signs of slowing down, prompting the central bank to soften its policy by reducing banks' reserve requirements for the fourth time this year.

A US Treasury official this week expressed concern over the recent depreciation of the Chinese currency.

In the face of a slowdown in the Chinese manufacturing sector and contraction in export orders, Beijing has committed to increasing export tax cuts starting November 1 for the second time this year and easing the burden of exports. larger-scale businesses to help struggling Chinese companies.

The International Monetary Fund on Tuesday lowered its global economic growth forecast for this year and the following year, saying the trade war between the US and China was having a negative impact. It also reduced China's growth forecast for next year from 6.4 percent to 6.2 percent.

China will reduce tariffs on a wide range of goods as of November 1, as part of Beijing's pledge to take steps to increase imports this year in a context of increasing tension.