China exports beat forecasts, putting record surpl...

Summary

• China exports rose 36.3% in September on the year, beating forecasts and putting Beijing on track for a record annual trade surplus, customs data showed.
• China exports led by chips and carsFrom January to September, the trade surplus hit $938 billion.
• The EU runs a trade deficit with China of more than $1.1 billion every day, and it wants Beijing to narrow the gap.

AI Generated Summary

China exports rose 36.3% in September on the year, beating forecasts and putting Beijing on track for a record annual trade surplus, customs data showed.

Growth sped up from 25% in August. In fact, September’s pace was the quickest since February, as shipments of semiconductors, cars and other high-tech goods climbed.

Imports also grew strongly, rising 31% compared with 28.2% the month before. The gap between exports and imports nonetheless grew to $133.5 billion, against $119.1 billion a month before.

China exports led by chips and cars

From January to September, the trade surplus hit $938 billion. Consequently, many economists now expect the full-year total to pass last year’s record of $1.2 trillion.

The value of semiconductor shipments more than doubled over those nine months, rising 108.1%. Data processing equipment and parts climbed 54.6%, while vehicle shipments grew 54.3% as buyers abroad snapped up Chinese electric cars and hybrids.