China: Merchandise exports slide at a slower pace in September
Merchandise exports declined 6.2% over the same month last year in September, following August’s 8.8% decrease. September’s outturn marked the smallest decline since April 2023 and was a smaller drop than markets were expecting. Exports to most major export markets continued to fall, though sales to Russia saw double-digit growth. Looking at subsectors, booming vehicle exports partially offset a decline in electronics exports. Meanwhile, merchandise imports fell 6.3% on an annual basis in September (August: -7.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 77.7 billion surplus in September (August 2023: USD 68.2 billion surplus; September 2022: USD 82.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 850.4 billion surplus in September, compared to the USD 855.4 billion surplus in August.