An aerial view of a container ship leaving the dockyard in Qingdao in east China’s Shandong province.
Future Publishing | Future Publishing | Getty Images
China’s September exports decline less than expected, while imports miss forecast, according to customs data.
The decline in exports last month was 6.2%, surpassing analysts’ forecast of a 7.6% drop.
Imports also fell by 6.2% in September, slightly more than the expected 6% decline.
China has experienced a continuous year-on-year decline in exports since May, with the last positive import figure recorded in September last year.
The country’s trade has been affected by weak global demand for Chinese goods and muted domestic demand.
China’s economic recovery has slowed down in recent months due to a slump in the real estate sector.
The International Monetary Fund lowered its 2023 China growth forecast to 5%, but maintained a global growth forecast of 3% for the year.
China’s September retail sales and third-quarter GDP figures will be reported on October 18.
To counter tensions with the U.S. and Europe, China has focused on increasing trade with Southeast Asian partners and Belt and Road Initiative countries.
The Belt and Road Initiative aims to develop regional infrastructure, including ports and railways.
By the end of September, China had established rail connections with 217 cities in 25 European countries.
The transportation of cargo on these rail lines accounted for 8% of China-EU trade in 2022, a significant increase from 1.5% in 2016.
China reported $19.1 trillion in imports and exports with Belt and Road partner countries between 2013 and 2022, with an average annual trade growth of 6.4%.
The third Belt and Road forum will be held in Beijing, with the attendance of Russian President Vladimir Putin.
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