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.Imports fell 20.4% in USD, 17.7% in CNY. The yoy drop in CNY imports was 14.4% in August.
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.
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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