Chinese Imports Tumble in September

Reuters: China economic picture remains cloudy as September export fall eases, imports slump
On the surface, the trade data on Tuesday reinforced views that the world's second-largest economy is still slowly losing momentum, putting more pressure on Beijing to roll out further stimulus measures and keeping global markets on edge.

But the numbers did not suggest a greater risk of a hard landing, either, as some investors have feared.

Exports fell 3.7 percent from the same period last year, less than a 6.3 percent drop forecast by economists in a Reuters poll and moderating from a 5.5 percent decline in August.

However, imports by value tumbled for the 11th straight month, losing over 20 percent year-on-year in September due to weak commodity prices and soft domestic demand, which will continue to complicate Beijing's efforts to stave off deflation.
Imports fell 20.4% in USD, 17.7% in CNY. The yoy drop in CNY imports was 14.4% in August.

The main deterioration in imports came from South Korea, Taiwan and ASEAN, suggesting a regional slowdown. Key import goods were generally down more yoy by volume and value than a month earlier, with a few items such as autos improving slightly. The only significant change to the downside was fuel oil.

No summary report yet on the Customs website.

Source: China Customs

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