China’s exports slow sharply in September, adding to worries over the economy
China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world's second-largest economy
HONG KONG — China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world’s second-largest economy.
Exports rose 2.4% in dollar terms from a year earlier last month, down from 8.7% year-on-year growth in August, the Chinese customs office reported Monday. Imports rose just 0.3% in September.
Economists had estimated that exports would rise about 6% and that imports would climb about 0.9%.
China recorded a trade surplus of $81.7 billion in September, down from $91 billion in August.
China’s leaders have been struggling to rev up the economy since the COVID-19 pandemic ended.
The U.S. and Europe recently raised tariffs on China’s exports of electric vehicles and other products, darkening the outlook for China’s trade as an engine of growth. The weak growth in imports reflects slack demand, partly due to a prolonged slump in the property industry, a major driver of sales of all sorts of products.
Other data released Monday showed weakening in inflation and falling wholesale prices for manufacturers.
Policymakers in Beijing have announced a slew of measures to boost the economy, including frontloading 200 billion yuan ($28.2 billion) from next year’s budget for spending and construction projects. Over the weekend, Finance Minister Lan Foan reiterated that the government is considering still more moves to drive faster growth.
But Lan and other officials have not yet delivered stimulus on the scale economists say is needed to pull the economy out of its funk.
So far this year, up to the end of
Read more on abcnews.go.com
