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China imports drop for 11th month as export slump moderates

Date 15-Oct-2015
Subject China imports drop for 11th month as export slump moderates

CHINA : China’s imports extended the longest losing streak in six years, underscoring the headwinds to global growth from a re-balancing in the world’s second-largest economy.

Imports plunged 17.7% in yuan terms in September from a year earlier, widening from a 14.3% decrease in August and posting an 11th straight decline. Exports fell 1.1% in September in yuan terms, the customs administration said, compared with a 6.1% drop in August. The trade surplus was 376.2 billion yuan ($59.4 billion).

"We anticipate further headwinds in the coming months," said Tao Dong, chief regional economist for Asia excluding Japan at Credit Suisse Group AG in Hong Kong. "Our model suggests that global industrial production will lose further momentum. Not only China but emerging market countries are also struggling with domestic demand."

The import slide reflects this year’s plunge in commodity prices and tepid domestic demand as China shifts away from low-end manufacturing and debt-fueled investment. On the export side, a moderation in declines offers the first indication that the People’s Bank of China’s surprise devaluation of the yuan in August is giving a boost to competitiveness.

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