Shipping bottlenecks and other trade-related disruptions partially attributed to Covid-19 outbreaks led to a slowdown of China’s import and export growth in September, according to the country’s customs data revealed on Wednesday.
Exports increased by 28.1% to $305.7 billion, marking a slight slowdown compared to the 33% growth reported in August, but exceeding a 21% surge projected by economists.
Meanwhile, imports grew by 17.6% to $240 billion, less than the previous month’s 26% and below the 20% growth estimated by analysts polled by Reuters.
The slowdown is attributed to the disturbance in industrial supply chains that continue to persist after the pandemic-related global economic downturn in 2020. Moreover, rising Covid-19 infection rates in major markets, including the US, are still chilling consumer sentiment.
China's politically sensitive trade surplus with the United States surged to a monthly record of $42 billion. Sales of Chinese goods to the US increased by nearly 30% from a year ago, while imports climbed by just under 17%.
In September, the US remained China’s largest trade partner on a single-country basis.The volume of imports of soybeans, of which the US is the largest supplier, dropped 30% compared to the same period a year ago, although the value in monetary terms rose by about 10%.
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