Tuesday, 02 January 2024 12:17 GMT

China's US Exports Fall, Global Shipments Hit 6-Month High


(MENAFN- Kashmir Observer)
FILE PHOTO

Hong Kong – China's exports to the United States fell 27 per cent in September from the year before, even though growth in its global exports hit a six-month high.

Customs figures released Monday showed that China's worldwide exports were 8.3 per cent higher than a year earlier, at USD 328.5 billion, surpassing economists' estimates. That was markedly better than the 4.4 per cent year-on-year increase in August.

Imports grew 7.4 per cent last month, significantly better than a 1.3 per cent increase by year in August, although a weaker domestic economy and a real estate sector downturn continue to weigh on demand and consumption.

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China's exports to the United States have fallen for six straight months. In August they dropped 33 per cent.

The outlook is cloudy as a truce between Beijing and Washington unravels and both sides hit out with new tariffs and other retaliatory measures.

As exports to the United States have come under pressure from US President Donald Trump's policies aimed at trying to get manufacturers to shift factories to America, China has expanded markets for its products in other regions.

Shipments to Southeast Asia grew 15.6 per cent year-on-year in September. Exports to Latin America and Africa were up 15 per cent and 56 per cent, respectively.

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