China’s imports and exports fell more than expected in September

Business

A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.

Johannes Eisele | AFP | Getty Images

China‘s yuan-denominated exports fell 0.7% in September from a year ago, while imports dropped 6.2% during the same period, Reuters reported on Monday, citing the Chinese customs.  

The data in U.S. dollar has not been released yet.

Economists polled by Reuters expect Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago. The country’s overall trade surplus for last month was forecast to be $33.3 billion, according to the Reuters poll.

In August, China’s exports unexpectedly fell by 1% year-over-year — the biggest fall since June — as shipments to the U.S. slowed down sharply amid a trade war that has gone on for more than a year. Chinese imports, meanwhile, dropped 5.6% in the same period. That brought its trade surplus to $34.83 billion, according to Chinese customs data.

The Chinese economy — the second largest in the world — is growing at a slower pace amid the protracted trade battle between Beijing and Washington. Officials from both countries met in Washington last week to discuss trade, and President Donald Trump said the U.S. has come to a “very substantial phase one deal” with China. 

Trump said that deal will involve China purchasing $40 billion to $50 billion worth of American farm products, and address concerns such as intellectual property theft and currency manipulation. Washington also suspended an increase in tariffs on Chinese goods planned for this week.

A spokesman from the Chinese customs said the country’s trade frictions with the U.S. has affected its export and import activity, Reuters reported on Monday. 

This is breaking news. Please check back for updates.

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