China’s September exports soar, putting $1 trillion trade surplus in sight

BEIJING — China’s trade surplus widened more than expected in September as exports surged, keeping the country on track to surpass last year’s record surplus and likely intensifying trade tensions with major partners.

Global demand for semiconductors and green-tech products has helped keep China’s factories humming, easing pressure on policymakers to shore up economic growth against subdued domestic demand and investment.

Exports soared 36.3% compared with a year earlier, outstripping August’s 25% rise and far exceeding expectations for 25.5% growth, customs data showed Wednesday. September’s growth was the fastest since February, when exports expanded 39.6%.

Imports also remained robust, up 31% compared with 28.2% growth in August and economists’ forecasts of a 24.5% gain.

Wang Jun, a vice customs minister, told a news briefing that there would be external uncertainties including geopolitical conflicts that might affect trade, but added there was foundation and support for continued growth in exports and imports in the fourth quarter.

Analysts expect trade to remain buoyant, with tech products continuing to drive exports and imports.

“Key trade ties look set to remain stable through year-end, which should keep this year’s key growth engine humming,” said Lynn Song, ING’s chief Greater China economist.

China’s yuan held…

Original source: https://www.nbcnews.com/world