China's trade improved in September as demand for masks and medical supplies around the world lifted the country's exports as early reopenings enabled manufacturers to gain over foreign rivals.
China's exports advanced for the fourth consecutive month in September while its imports were up as well, as more trading partners eased pandemic restrictions, pointing to a further boost to the second largest economy in the world.
Exports were up almost 10% in dollar terms for the month from a year earlier, while imports rallied more than 13%, the Customs authorities said Tuesday. Market observers had estimated exports would rise by around 10% while imports would climb 0.4%.
Chinese exports saw an extensive recovery in the quarter ending in September, Customs representative Li Kuiwen said. He added that the country has exported masks and other medical supplies worth $150 billion. In a media briefing, Kuiwen said China has "successfully filled" a shortage in global supply.
The rally in imports indicates that local demand remains on a solid footing, Commerzbank AG economist Zhou Hao, noted. "On the other hand, it could also suggest that the global economy is gradually improving after a long halt," Bloomberg quoted him as saying.
China's manufacturing output has also made a decent rebound as international trading slowly resumes. Meanwhile, the Chinese currency soared to a 17-month high versus the U.S. greenback, Friday.
The increase in the country's imports dragged its trade excess for September down to $37 billion, compared with almost $59 billion from the previous month and lower compared to an estimated $58 billion.
China's exports to the U.S. grew over 20% compared to the previous year to $44 billion despite higher U.S. tariffs in discord with the Trump administration over China's tech ambitions. Imports of U.S. products were up by a quarter to over $13 billion.
China has purchased more steel products, microchips, grains, and soybeans in September, customs data showed. The country became the first major economy to recover to pre-pandemic growth levels in the second quarter of 2020, according to customs figures.
