Markets

China September Exports Rise 9%

China September Exports Rise 9%

China's exports and imports surged in September, officials data showed Friday, providing President Xi Jinping a boost as he prepares to accept a second term as Communist Party chief this month.

It was the latest positive economic news for China after the International Monetary Fund's released a report this week raising the country's growth forecasts for 2017 and 2018 to 6.8 percent and 6.5 percent, respectively.

In renminbi terms, exports advanced 9% and imports grew 19.5% in September.

Iron ore imports rose to a record 103 million tonnes, from 88.7 million tonnes in August, according to Reuters calculations.

The trade surplus narrowed in September to $28.47 billion from almost $42 billion the previous month, falling short of expectations for a $37.3 billion surplus.

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China's foreign trade will likely grow at a double-digit pace this year if current conditions continue, the General Administration of Customs said.

China's imports of North Korean goods between January and September fell 16-point-seven percent year-on-year to stand at some one-and-a-half billion USA dollars. The trade surplus was the lowest in six months. The surplus grew to $28.08 billion from $26.23 billion in August. Import growth slowed to 15.5 percent, from 18.1 percent.

Trump in August authorized an inquiry into China's alleged theft of intellectual property in the first direct trade measure by his administration against Beijing, but the move is not expected to prompt any near-term change. US officials have resumed criticizing Chinese policy after President Donald Trump said in April he would temporarily shelve disputes while Washington and Beijing cooperated on North Korea.

China's trade growth accelerated in September in a sign of resilient global and domestic consumer demand.

However, analysts have repeatedly warned that China's growing debt mountain still poses risks to its economy.


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