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China posts $28.47B trade surplus in September


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China posts $28.47B trade surplus in September

China's dollar-denominated exports rose 8.1% year over year in September compared with 5.5% growth in August, Reuters reported Oct. 13, citing data from the General Administration of Customs. Imports in dollar-denominated terms surged 18.7% from a year earlier after rising 13.3% in August.

This yielded a trade surplus of $28.47 billion in September, down from about $42 billion in August.

In yuan-denominated terms, China's exports rose 9% in September from a year earlier, while imports rose 19.5%, Reuters said in a separate report.

The trade surplus in yuan terms was 193 billion yuan in September.

China's total trade for the first three quarters of 2017 reached 20.29 trillion yuan, up 16.6% year over year. Exports increased 12.4% to 11.16 trillion yuan while imports reached 9.13 trillion yuan, up 22.3%.

The moderate growth of the global economy and the steady improvement in China's economy contributed to the continuous growth in China's foreign trade, said Huang Songping, spokesperson of the customs bureau.

Trade with China's traditional partners experienced full recovery, he said. In the first three quarters, China's trade with the European Union, U.S. and Japan increased by 16.4%, 18.7% and 14.9% respectively. The three trade partners together accounted for 36.8% of China's total imports and exports.

China's foreign trade will likely grow at a double-digit rate in 2017 if current trends continue, Reuters reported.

As of Oct. 12, US$1 was equivalent to 6.59 Chinese yuan.