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FxWirePro: China's September Trade Surplus beats estimates, exports surge while imports miss forecasts

China posted a trade surplus of $66.76 billion in September, beating forecast for a $46.8 billion surplus by a large margin. The reading compared to a $58.34 billion in August. Details of the report showed exports in Sep…

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FxWirePro: China's September Trade Surplus beats estimates, exports surge while imports miss forecasts
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China posted a trade surplus of $66.76 billion in September, beating forecast for a $46.8 billion surplus by a large margin. The reading compared to a $58.34 billion in August.

Details of the report showed exports in September rose 28.1% from a year earlier, up from a 25.6% gain in August and beating forecasts at 21%.

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

China's trade surplus with the United States rose to $42 billion, up from $37.68 billion in August.

Data showed that the world's second-largest economy has staged a strong rebound from the COVID-19 pandemic. 

Export growth was faster than expected in September, as solid global demand offset some of the pressure on factories from power shortages.

However, there are signs the recovery is losing steam. Recent data has pointed to a slowdown in production activity. China's manufacturing PMI unexpectedly shrank in September.

Market Reaction: (04:15 GMT) The Chinese currency buoyed on upbeat trade data. 

USD/CNY: Down 0.05% at 6.4454

AUD/USD: Down 0.15% at 0.7336

NZD/USD: Up 0.23% at 0.6940

EUR/USD: Up 0.19% at 1.1551
 

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