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China's September trade data beats expectations China's September trade data beats expectations
(about 3 hours later)
China's exports and imports rose well above market expectations in September, as its trade surplus more than doubled, data showed on Monday. China's exports and imports in September were far higher than expected, according to official data.
Exports were up 15.3% from the previous year, while imports rose 7% in the same period. Exports were 15.3% higher than last year, while imports rose 7%, giving a trade surplus of $31bn for the month.
The data surprised analysts who were calling for an around 12% rise in exports, while imports fell 2-3%. The data beat analysts' expectations, who had expected a 12% rise in exports and a fall of up to 3% in imports.
Trade surplus in the world's second largest economy also more than doubled to $31bn (£19.2bn). China's economy has struggled this year to maintain growth rates, with weak factory activity and slowing domestic demand from a cooling housing market.
The big improvement in September's trade activity, which has been sluggish most of this year, was unexpected as China's economy faced headwinds this year. This has led to repeated warnings that China could miss its economic growth target of 7.5% this year.
Weak factory activity and slowing domestic demand from a cooling housing market had led Beijing to repeatedly warn that China could miss its economic growth target of 7.5% this year.
'Impressive' data'Impressive' data
Despite the "impressive" trade figures, Louis Kuijs, chief China economist at RBS, said he was still hesitant to become "very bullish" on export growth, because of the state of the economy. Despite the "impressive" trade figures, Louis Kuijs, chief China economist at RBS, said he was still hesitant to be "very bullish" on export growth, because of the state of the economy.
"This seems to be very strong export growth, though underlying momentum in export growth is a bit less impressive than the headline number suggests because we had a very weak base 12 months ago," Mr Kuijs told Reuters. "This seems to be very strong export growth, though underlying momentum in export growth is a bit less impressive than the headline number suggests because we had a very weak base 12 months ago," Mr Kuijs.
But, the trade numbers will prevent policymakers from introducing additional stimulus measures to boost the economy, he added.
"They [authorities] think the economy's overall momentum is not that bad and the labour market is holding up, this will strengthen the policymakers resolve in not resorting to additional stimulus measures.""They [authorities] think the economy's overall momentum is not that bad and the labour market is holding up, this will strengthen the policymakers resolve in not resorting to additional stimulus measures."
Haibin Zhu, chief China economist at JPMorgan backed that sentiment, telling Reuters the numbers do ease concern about weakness in the Chinese economy. Haibin Zhu, chief China economist at JPMorgan agreed the numbers eased concerns about weakness in the Chinese economy.
"The big implication is that imports are much stronger, so no matter what the reason I think it will cool off a bit of the concern about domestic weakness bringing down this activity." "The big implication is that imports are much stronger, so no matter what the reason I think it will cool off a bit of the concern about domestic weakness bringing down this activity," he said.