China's September exports soar, putting $1 trillion trade surplus in sight
SPY•China's exports rose 36.3% year over year in September, while imports increased 31.0%. The trade surplus reached $938.11 billion in the first nine months, putting it on track to top $1 trillion earlier than last year.
1. Exports and imports surge
September exports jumped 36.3% year over year, above August's 25.0% increase and economists' 25.5% forecast. Imports rose 31.0%, compared with 28.2% growth in August and a 24.5% forecast.
2. Surplus nears $1 trillion
China's trade surplus reached $938.11 billion in the first nine months, after topping $1 trillion in November last year and reaching a record $1.189 trillion for the full year. September's surplus was $133.53 billion, including a $34.01 billion surplus with the United States and $34.8 billion with the European Union.
3. Technology supports trade
Semiconductor exports rose 108.1% in value in the first nine months, while auto exports grew more than 50% in value and volume. A deal to limit Chinese hybrid vehicle exports to the EU could weigh on auto trade over time, though exporters may increase shipments before measures are laid out in December.
