China's September exports data beat expectations

China's exports in September beat expectations with a fastest growth in 19 months, expanding by 15.3 per cent, raising hopes that the slowing down of world's second largest economy may barely manage the official target of 7.5 per cent growth for this year.
The exports netted USD 213.7 billion in September, a 15.3 per cent increase compared to last year, customs data showed.
The September growth rate was the highest monthly export reading since March 2013, beating analysts' expectations who had projected a 12 per cent rise in exports, state-run Xinhua news agency reported today.
Imports increased seven per cent year on year to USD 182.7 billion in the month, and total foreign trade volume rose 11.3 per cent to USD 396.4 billion, the General Administration of Customs (GAC) said.

September's growth rate in imports also exceeded market expectations for a 2-per cent decline and marked the best monthly reading since December 2013, GAC said.
The increase in exports came in the midst of intense speculation that China for the first time in recent years may miss the 7.5 per cent official target as an official think-tank besides the World Bank predicted that it may end at 7.3 or 7.4 per cent.

However, China's central bank said the growth target of around 7.5 per cent this year would be met helped by urbanisation and economic restructuring.
Property market downturn, the government's efforts to fight pollution and a slowing manufacturing sector are weighing on economic growth in the short term, People's Bank governor Zhou Xiaochuan said in a statement.

Premier Li Keqiang, currently on a foreign tour, had said last week that the government would tolerate a growth rate slightly below 7.5 per cent.
Efforts are on to ramp up investment in projects such as water conservation and technology, he had said.
Today's trade data showed that trade surplus in September has more than doubled from last year to USD 31 billion compared with USD 49.8 billion seen in August.
Surplus in the first nine months was up 37.8 per cent from the previous year to USD 231.6 billion.
Zheng Yuesheng, GAC spokesman, said China's foreign trade was gaining traction quarter by quarter despite a complex world economy.

The spokesman attributed September's strong growth to a string of government measures adopted in May to stabilize foreign trade, as well as rebounding global demand.
"We hope the strong momentum will continue in the fourth quarter," Zheng said, adding that export pressure will decrease in the fourth quarter.
The export leading index improved by 1.4 percentage points from August to reach 43.3 per cent in September, indicating exporters are more optimistic about coming months, GAC said.
In contrast to the official optimism, Lu Zhengwei, chief economist of Industrial Bank, was less upbeat while commenting on the trade outlook.
"The rejoicing (over exports) will be short-lived, and disappointment will return soon," Lu warned, predicting a sharp slowdown in exports in the fourth quarter based on past trade fluctuations, Xinhua report said.