China’s exports in yuan terms grew at a faster pace in September than the previous month despite a nationwide power crunch that forced businesses to cut production.
Export growth accelerated to about 20%, according to Bloomberg calculations based on official data, from 15.7% in August. September’s gain was higher than the median estimate of 13.3% in a Bloomberg survey of economists. Growth in imports in yuan slowed to 11.0% in September from 23.1% in the previous month.
The customs administration published data for the first nine months of the year showing exports in yuan terms climbed 22.7% from a year earlier, while imports increased 22.6%.
Li Kuiwen, a spokesman for China’s customs administration, said strong trade growth in the first three quarters was driven by the recovery in the global economy, though the lingering pandemic and difficult rebound in global growth have contributed to volatility and uncertainty facing foreign trade.
Li cited electronics and machinery, as well as labor-intensive products such as toys, bags and suitcases as seeing particularly strong export growth in the first three quarters. Fourth-quarter trade growth may slow because of the higher base from a year ago, he said.
The customs administration will publish monthly data for September and also the value of trade in dollars later Wednesday.