China’s export growth slows in September as ‘wake-up call’ interrupts banner run

China’s September exports rose 2.4 per cent from a year earlier, underperforming against projections, while imports rose by 0.3 per cent

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A cargo ship loaded with containers berths at a port in Qingdao, in China’s eastern Shandong province. Photo: TNS

Mia Nulimaimaitiin LondonandJi Siqiin Beijing

Published: 4:16pm, 14 Oct 2024Updated: 7:06pm, 14 Oct 2024

China’s export growth slowed in September, with customs officials citing extreme weather disruptions, global shipping congestion and base effects as contributing factors, although shipments to the United States grew at a faster pace than to the European Union.

Exports grew by 2.4 per cent year on year to US$303.71 billion in September, according to customs data released on Monday.

But the figure was lower than the expected 6.18 per cent increase surveyed by Chinese financial data provider Wind, and fell short of the 8.7 per cent rise recorded in August.

Customs spokesman Lu Daliang said the reading had been affected by “short-term incidental factors”, such as frequent typhoons in the port cities, a higher base last year and global shipping congestion.

“Some data shows that the peak export season for some Chinese products in previous years was in the third quarter, but this year it has been advanced by more than a month due to the congestion,” Lu said.

Imports, meanwhile, rose by 0.3 per cent from a year earlier in September, compared to the 0.5 per cent growth seen in August.