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dpa-AFX: China Trade Surplus Falls More Than Expected In September; Export Growth Strong

| Quelle: dpa-AFX Analysen
BEIJING (dpa-AFX) - Chinese trade surplus decreased more than expected in September while exports and imports growth remained strong, figures from the General Administration of Customs of the People's Republic of China showed Monday. The trade surplus came in at $31 billion in September, which was less than the $41.41 billion expected by the economists. In August, a surplus of $49.8 billion was recorded. However, the surplus for the third quarter remained the largest in China's history, Julian Evans-Pritchard, China Economist at Capital Economics, said. Exports grew 15.3 percent year-over-year in September, which was faster than the 12 percent rise expected by economists. In August, exports had increased 9.4 percent. 'Stronger export growth partly reflects a more flattering base for comparison - exports fell in level terms in September last year, ' Pritchard said. Imports recovered by 7 percent, defying expectations for a 2 percent decline. In August, imports had dropped 2.4 percent. Commenting on the unexpected rebound in imports despite a stronger base for comparison in September 2013, Pritchard said, 'The strength seems to have been driven by a surge in imports for processing and re-export. As such, it mostly reflects a brighter export outlook rather than a pick-up in domestic demand. Sharp falls in commodity prices, along with slowing investment, appear to have continued to weigh on the value of commodity imports last month, ' The economist said that the growth in exports is expected to continue on account of improving conditions in the U.S. while the surge in imports is forecast to remain short lived. 'Despite a loosening of mortgage controls, oversupply looks set to continue to weigh on property construction for quite some time and subdued commodity demand is likely to remain a drag on import growth going forward, ' Pritchard added. 'As a result, we expect China to continue to post large trade surpluses, which should put further upwards pressure on the renminbi, ' Earlier last week, the results of a survey by HSBC Bank showed that China's service sector expanded at a slower pace in September. Prior to this, a report from the China Federation of Logistics and Purchasing from two weeks ago showed that China's manufacturing sector expanded at the same rate in September as in August. Copyright RTT News/dpa-AFX
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