China's September Export Value Rises 28.1% Year-on-Year, Exceeding Forecast by 21.5%

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] China's export value in September increased by 28.1% compared to the same period last year. This exceeded the expected 21.5%, signaling a sharp rebound in the Chinese economy, but concerns remain that the economic outlook is not positive due to raw material and energy supply shortages.

On the 13th, China's National Bureau of Statistics announced that last month's export value rose 28.1% compared to the same period last year.

This follows an increase of 25.6% in August exports compared to the same period last year, showing an expanded growth rate.

However, amid ongoing power shortages in China caused by raw material and energy supply issues, major manufacturers such as Apple and Tesla have consecutively halted factory operations, raising concerns that the Chinese economy may decline again.

In fact, last month the Manufacturing Purchasing Managers' Index (PMI) recorded 49.6, lower than the previous month's 50.1. The manufacturing PMI has been declining for six consecutive months since peaking at 51.9 in March.

Since a baseline of 50 or above indicates economic expansion and below 50 indicates contraction, it is interpreted that China has effectively entered a manufacturing economic contraction since last month.

Accordingly, experts predict that the People's Bank of China, the country's central bank, will inject additional liquidity into the market within this year by reducing banks' cash reserve requirements.

Meanwhile, September's import value rose 17.6% year-on-year, falling short of the expected 20.9%.

This content was produced with the assistance of AI translation services.