Thursday, October 21, 2021
HomeSample Page

Sample Page Title

- Advertisement -


© Reuters. FILE PHOTO: A worker drives a truck carrying a container at a logistics center near Tianjin port, in Tianjin, China December 12, 2019. REUTERS/Yilei Sun/File Photo

BEIJING (Reuters) – China’s export growth was faster than expected in September, as solid global demand offset some of the pressure on factories from power shortages and a resurgence of domestic COVID-19 cases.

China’s exports in September rose 28.1% from a year earlier, up from a 25.6% gain in August. Analysts polled by Reuters had forecast growth would ease to 21%.

The world’s second-largest economy staged a strong rebound from the COVID-19 pandemic but there are signs the recovery is losing steam. New problems including high demand for raw materials and supply bottlenecks have dimmed China’s economic outlook.

Power shortages caused by a transition to clean energy, strong industrial demand and high commodity prices, have halted production at numerous factories including many supplying firms such as Apple (NASDAQ:) and Tesla (NASDAQ:).

Recent data has pointed to a slowdown in production activity. China’s manufacturing PMI unexpectedly shrank in September as industrial firms battled with rising costs and electricity rationing.

Imports increased 17.6%, lagging an expected 20% gain in a Reuters poll and compared with 33.1% growth the previous month.

China posted a trade surplus of $66.76 billion in September, versus the poll’s forecast for a $46.8 billion surplus and $58.34 billion surplus in August.

Many analysts are expecting the central bank to inject more stimulus by cutting the amount of cash banks must hold as reserves later this year to help small and medium-sized enterprises.

China has largely contained coronavirus outbreaks driven by the more infectious Delta variant, but analysts say the country’s “zero-tolerance” COVID-19 policy and stretched international shipping capacity could be constraints.

China’s trade surplus with the United States rose to $42 billion, Reuters calculations based on the customs data showed, up from $37.68 billion in August.

Last week, top trade officials from the United States and China reviewed the implementation of the U.S.-China Economic and Trade Agreement.

The United States has been pressing China to hold its commitments under a ‘Phase 1’ trade deal which has eased a long running tariff war between the world’s two largest economies. The Phase 1 deal is due to expire at the end of 2021.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

- Advertisement -
RELATED ARTICLES

Leave a Reply

- Advertisment -
Google search engine

Most Popular

Recent Comments