2023-10-13 11:33:45
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A new car is waiting for transport at a port in Yantai, Shandong Province, China, on August 6. AP Union
Although economic indicators are improving, with China’s decline in imports and exports decreasing, the recovery appears to be somewhat slow, contrary to the authorities’ expectations.
According to the General Administration of Customs of China on the 13th, exports in September amounted to $299.13 billion (regarding 403 trillion won), down 6.2% from the same period last year, maintaining a single-digit decline for the second month. It was an improvement over the previous month (-8.8%) and also exceeded market expectations (-8.3%).
China’s monthly exports recorded -14.5% in July this year, the lowest level since -17.2% in February 2020 in the early stages of COVID-19, and are showing some improvement. According to China’s official news agency Xinhua, China’s exports in September increased 5% compared to the previous month, reaching the highest monthly export volume this year.
September imports amounted to $221.42 billion (regarding 299 trillion won), a 6.2% decrease from the same period last year. It was better than the previous month (-7.3%), but slightly below the forecast (-6.0%). China’s trade balance in September was $77.71 billion, exceeding both the previous month’s $68.36 billion and the forecast ($70 billion).
China’s September Consumer Price Index (CPI), announced by China’s National Bureau of Statistics on this day, remained flat (0%), a month following easing concerns regarding deflation.
It rebounded to 0.1% the previous month, but fell once more in a month, falling short of expectations (0.2%). In July of this year (-0.3%), it was assessed that the economy had entered deflation, with prices continuing to fall, and although the government’s active economic stimulus measures reversed the trend in August, the effect did not last.
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