China's trade growth accelerates

With the wider world China’s trade is booming — exports and imports surged in September official data showed

With the wider world China’s trade is booming — exports and imports surged in September official data showed

The surplus with the United States reached $28.1 billion in September, up from $24.9 billion in September of a year ago.

China's exports to North Korea dropped a more modest 6.7 per cent in September, Huang Songping, spokesman for the customs department, told a news conference.

China's trade with North Korea slumped in September, amid United Nations sanctions aimed at deterring Kim Jong Un from pursuing his missile and nuclear-weapons program.

China's exports grew 9% year-on-year in September, in yuan terms, an acceleration from the 6.9% gain in August, data released by the General Administration of Customs shows.

"Nonetheless, today's figures suggest that not only has strong foreign demand continued to prop up manufacturing activity in China but domestic demand remains resilient, too", Evans-Pritchard said.

There are no records of seafood imports from North Korea, while shipments of coal, iron ore and clothing all declined, according to Huang.

Export growth was unexpectedly strong in the first half of the year, a positive sign for Chinese leaders who want to avoid job losses in trade-related industries as they try to nurture consumer-led economic growth.

China's overall trade with North Korea for the first nine months of the year rose 3.7 per cent from a year ago to $4.03 billion, slowing 3.8 percentage point from January through August.

The sanctions, which could cut off one-third of North Korea's total annual exports of US$3 billion, took effect in September, but China enforced the new measures from Aug 15. Trade surplus shrank 28 percent to 193 billion yuan.

That left the country with a trade surplus of $28.47bn, less than the near $40bn expected and down from around $42bn in August. Estimates, growth in export and import volumes picked up to 6.7% year-on-year and 13.6% respectively.

China says it has implemented successive rounds of sanctions agreed by the UN Security Council meant to pressure Pyongyang to abandon its nuclear and missile programme. The customs agency said it will publish details its trade in specific products with North Korea on Oct 23.

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