In September, China’s imports and exports declined by 6.2% due to weakened global demand.
In September, China experienced a decrease in both exports and imports compared to the previous year. However, the decline was less severe, despite the ongoing low demand in the global market.
According to the recently released customs data on Friday, exports in September decreased by 6.2% to $299.13 billion, marking the fifth consecutive month of decline. Similarly, imports also saw a 6.2% decrease to $221.43 billion.
In August, China’s trade surplus was $68.36 billion, but it increased to $77.71 billion in the latest report.
During a press conference in Beijing on Friday, Lu Daliang, the representative of the General Administration of Customs, stated that the greatest hurdle for China’s exports is the uncertain pace of the global economy’s rebound from the pandemic.
The economy of China has experienced a slower decline due to the implementation of various policy support measures by leaders in recent months. However, the country’s property sector continues to hinder economic growth as sales decrease and developers struggle to repay large debts.
The primary financial institution has relaxed lending regulations and reduced interest rates for individuals purchasing a home for the first time, as well as implementing certain tax breaks for small enterprises.
The demand for exports from China decreased following actions by the Federal Reserve and central banks in Europe and Asia to raise interest rates in order to combat high levels of inflation.