China Customs reports that the value of goods imports in September contracted by 9 % y-o-y, while exports were down by 3 %. The goods trade surplus rose to 40 billion dollars in September, bringing the surplus for this year to 300 billion dollars, an increase of 80 billion dollars for the year.
Due to the trade war, goods imports from the United States contracted by 26 % y-o-y in the first nine months of this year. In recent months, imports from the EU and Africa have also started to decline. Chinese imports from Australia have increased, averaging growth of 25 % y-o-y in recent months. China mainly buys commodities from Australia.
Chinese goods trade and trade balance
Sources: China Customs, CEIC and BOFIT.