Well-known Chinese news site Sina (NASDQ: SINA) recently reported that, according to data released by Chinese General Administration of Customs, China’s September exports totaled US$299.13 billion, down 6.2 percent year-over-year; imports were US$221.42 billion, down 6.2 percent year-over-year. Total import-export value in September was US$520.55 billion, a year-over-year decrease of 6.2 percent.
China’s September trade surplus was US$77.71 billion, down 6 percent year-over-year. Since August of last year, the year-over-year growth rate of China’s exports to the United States has been negative. This past September, China’s exports to the United States recorded a year-over-year decline of 9.3 percent. China’s exports to the EU recorded a year-over-year decrease of 11.6 percent. September exports to ASEAN countries fell by 15.8 percent year-over-year.
Meanwhile, China’s exports to Russia increased by 21 percent year-over-year, a significantly increase over the 16 percent year-over-year figure recorded for the previous month. China’s imports from Russia increased by 8 percent during the same period.
Affected by geopolitical factors, China’s imports of IC chips continued to decline, especially imports from South Korea, Japan, and Taiwan.
Taking into account the downward pressure on external demand for Chinese exports, Sina said to expect that it will take some time before absolute levels of exports are restored to previous levels.
Source: Sina, October 13, 2023
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