China’s export expansion unexpectedly rose in September as continued solid global demand offset pressures on factories from power shortages, supply constraints, and resurgence of local COVID-19 cases. CSI 300 Index up +1.15%, CNY USD up +0.09%
- The world’s second-largest economy has made a significant rebound from the pandemic, but there are indicators that recovery is losing pace.
- Resilient exports could offer a buffer against growing challenges, including weakening factory activity, persistent soft consumption level, and a slowing property sector.
- China’s shipments in September rose 28.1% from a year earlier, up from a 25.6% increase in August. Analysts surveyed by Reuters expected growth would cool down to 21%
- Erin Xin, Greater China economist at HSBC stated that exports have continued to outperform and accelerate, despite omitting the impact of base effects.
- Xin further stated that earlier shipments of holiday consumer products are contributing to the continued strength in exports.
- Power shortages attributed to a transition to clean energy, strong industrial demand, and high commodity prices, have stopped production at numerous factories, including supplying firms such as Apple and Tesla.
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