Chinese exports weaken in September, imports up 0.3% | Economic news

BEIJING (AP) — China’s export growth weakened in September as global consumer demand cooled while imports rebounded from a contraction after China’s economic growth improved.

Exports rose 5.7% from a year earlier to $322.8 billion, down from August’s 7% growth, official data showed Monday. Imports rose 0.3% to $238 billion, recovering from the previous month’s 0.2% contraction.

Forecasters expected China’s exports to weaken in the second half of 2022 after the Federal Reserve and central banks in Europe and Asia dampened consumer demand by raising interest rates to curb growth. inflation which is at its highest level for several decades.

China’s global trade surplus widened 26.9% a year ago to $84.7 billion.

Imports from Russia, mostly oil and gas, rose 55% from a year earlier to $10.7 billion, but were down about 5% from August .

China can buy Russian energy without violating Western sanctions imposed to penalize Moscow for its invasion of Ukraine, and increased Chinese purchases to take advantage of reduced prices have angered Washington by helping to prop up the cash flow of the President Vladimir Putin from oil and gas exports.

Exports to the U.S. fell 11.6% from a year earlier in September to $50.8 billion, while imports of U.S. goods edged down 4.6% to $14.7 billion. The politically volatile trade surplus with the United States fell 14.1% from a year earlier to $36.1 billion.

Washington and Beijing have yet to resume face-to-face talks aimed at ending a tariff war since President Joe Biden’s inauguration in January 2021. His Chinese counterpart, Xi Jinping, was nominated for a third term in office on Sunday. five years as a Communist Party. leader, which means that he will be reappointed to the honorary post of president next year.

Exports to the 27 countries of the European Union fell 23.9% to $47 billion, while imports of European goods fell 40.9% to $23.8 billion. China’s trade surplus with the EU rose 8% from a year earlier to $23.2 billion.

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