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China's trade sees restrictions
According to the General Administration of Customs, China's foreign trade growth slowed in September. Exports have increased by 2.4% annually since April after growing by 8.7% in August. But analysts surveyed by Trading Economics had forecast growth of 6%. Such dynamics may indicate that Chinese exporters cut prices at the end of the third quarter in order to have time to export more products abroad before new restrictions in the United States and the European Union (see Kommersant, October 9). Imports from China in September grew by only 0.3% (versus the expected 0.9%, 0.5% since August) due to weak domestic demand. Accordingly, the foreign trade surplus amounted to $81.71 billion, the lowest since May (a decline to $91 billion in August and $89.8 billion in September is expected).
Overall, in the first three quarters of 2023, compared with the same period in 2023, China's exports increased by 4.3% to $2.61 trillion, while imports increased by 2.2% to $1.93 trillion. As a result, the surplus amounted to $680 billion, up 7.9% from the same period last year. From January to September, trade between China and the United States increased by 2.3% year on year, reaching $504.4 billion. China's exports to the United States increased by 2.8% to $381.1 billion, while imports increased by 0.7% to $123.2 billion. Separately, in September, US shipments to the United States also increased ($13.4 billion vs. $13.7 billion in August), while China's shipments to the United States declined slightly due to lower prices ($47.3 billion vs. $47 billion in August). In the third quarter, trade with the EU fell by 0.9% to $588 billion. Imports of European products fell by 3.9%, while exports to the EU increased by 0.9%.
From January to September, trade volume between China and Russia increased by 2% to $180.35 billion, while shipments from China to Russia increased by 2.4% year-on-year to $83.15 billion, up 1.7% to $9.72 billion. Shipments from China to Russia in September increased by 9.5% to $11.24 billion, which is explained by an increase in car imports before the increase in recycling rates from October 1 (see Kommersant, September 13).