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China's imports down 17.7% in yuan-denominated terms China's imports see sharp fall in September
(about 7 hours later)
China's September imports fell a more-than-expected 17.7% in yuan-denominated terms, while exports fell 1.1% from a year earlier, official figures show. China saw a sharp fall in the value of its imports last month, figures show, raising further questions over the strength of its economy.
The numbers leave the country with a trade surplus of 376.2bn yuan ($59.4bn; £38.8bn). In dollar terms, imports dropped 20.4% from a year earlier to $145.2bn, a steeper fall than had been expected.
The steep fall in imports compares with a fall of 14.3% in August and continues to reflect lower commodity prices globally. The drop was due to lower commodity prices and weaker domestic demand.
China recently revised down its 2014 economic growth from 7.4% to 7.3%. Next week, China is due to report its third-quarter growth rate, which is expected to be lower than the 7% annual pace seen in the second quarter.
The revision marks its weakest growth for almost 25 years. After decades of double-digit growth, the government is expecting to see growth of about 7% in 2015. China recently revised down its growth rate for 2014 from 7.4% to 7.3%, the weakest pace for almost 25 years.
Domestic-led growth China has been attempting to shift from an export-led economy to a consumer-led one, although the steep fall in imports suggests domestic demand is not as strong as the government would have hoped.
China is attempting to shift from an export-led economy to a consumer-led one. In dollar terms, China's exports fell by 3.7% from a year earlier to $205.6bn - although analysts had forecast a steeper fall.
Exports in September held up better than expected, after some had forecast a fall of as much as 7%. The country's trade surplus nearly doubled to $60.34bn.
However, the significant fall in imports means domestic demand is not as strong as the government would have hoped. In yuan-denominated terms, imports fell by 17.7% while exports were down 1.1%.
China's official trade numbers in US dollar denominated terms were reported shortly after the yuan-denominated numbers. In a research note, economists at ANZ said: "September's import figure does not bode well for industrial production and fixed-asset investment.
They showed exports fell a less-than-expected 3.7% in September, while imports slumped 20.4% from a year earlier. The numbers leave the country with a surplus of $60.34bn for the month - which the government said was higher than expected. "Overall growth momentum last month remained weak and third-quarter GDP growth to be released next Monday will likely have edged down to 6.4% in the third quarter, compared with 7% in the first half."
Currency conversion factors based on US dollar and Chinese yuan movements over the last year mean some official numbers from the mainland are now reported in both currencies.