China’s exports slowed in September, while its imports remained almost stable due to economic uncertainty exacerbated by anti-Covid measures, according to official figures published on Monday. Last month, China’s overseas sales rose just 5.7 percent year on year, according to China Customs. This is a lower rate than that of August (7.1%) and much lower than that of July (+18%).
Analysts polled by the Bloomberg agency had anticipated this slowdown, but even more pronounced (4%). For the past two years, Chinese exports have largely benefited from the rest of the world’s needs for protection products against Covid-19 and especially equipment for teleworking. But this demand has crumbled with the return to normal life initiated in most countries. The threat of recession in the United States and Europe, combined with soaring energy prices, is also weakening demand for Chinese products.
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As for imports from China, they remained at a weak pace in September (0.3% over one year), the same figure as a month earlier. Analysts expected stagnation (0%). The uncertainties linked to Covid-19 – which penalize economic activity and therefore weigh on household income – are cooling consumption, which is affecting Chinese purchases of foreign products. In September, China’s trade surplus reached 84.74 billion dollars (86.1 billion euros), against 79.39 billion dollars in August (80.7 billion euros).
This level is well below July’s record high ($101.2 billion). Initially expected on October 14, the trade figures had been postponed two days before the opening of the Chinese Communist Party congress, without any explanation. They are published on the same day as a series of economic indicators, the release of which was also postponed during the congress.