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China’s exports and imports grew far less than expected in September

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A shipping container and gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Thursday, Oct. 10, 2024.

Bloomberg | Bloomberg | Getty Images

BEIJING — China’s exports grew by 2.4% in September from a year ago in U.S. dollar terms, while imports rose by 0.3%, customs data showed Monday.

Both figures were well below expectations. China’s exports were forecast to have risen by 6% year-on-year in September in U.S. dollar terms, according to a Reuters poll. That would be slower than the 8.7% increase in August.

Imports were expected to have climbed by 0.9% in September from a year ago, according to the Reuters poll. That would be slightly faster than the 0.5% increase in August.

Exports had been a bright spot in China’s economy, which has been weighed down by lackluster consumer spending and a real estate slump.

China’s exports to the U.S., its largest trading partner, rose by 2.2% in September from a year ago, while imports from the U.S. climbed by 6.7%, according to CNBC’s analysis of official data.

China focusing more on boosting consumer demand would be a 'good sign': strategist

Exports to the Association of Southeast Asian Nations, China’s largest trading partner on a regional basis, rose by 5.5%, while imports rose by 4.2%. China’s exports to the European Union rose by 1.3%, while imports dropped by 4%.

China’s exports to Russia surged by 16.6%, but imports fell by 8.4%, the analysis showed.

Inflation data out Sunday pointed to further weakness in China’s domestic demand.

The core consumer price index, which strips out more volatile food and energy prices, rose by 0.1% in September from a year ago. That’s the slowest since February 2021, according to the Wind Information database. Tourism-related prices fell by 2.1% year-on-year, despite the Mid-Autumn Festival in September and Golden Week holiday that kicked off Oct. 1.

China’s National Bureau of Statistics is scheduled to release third-quarter GDP on Friday, along with retail sales, industrial production and fixed asset investment for September.

Chinese authorities have ramped up stimulus announcements since late last month, while so far falling short on the fiscal policy details many investors have hoped for. Stocks in China have swung wildly as beaten-down markets debate the ultimate impact of Beijing’s economic support.

This is a breaking news story. Please check back for updates.

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Klarna doubles losses in first quarter as IPO remains on hold

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Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022.

Chris Ratcliffe | Bloomberg via Getty Images

Klarna saw its losses jump in the first quarter as the popular buy now, pay later firm applies the brakes on a hotly anticipated U.S. initial public offering.

The Swedish payments startup said its net loss for the first three months of 2025 totaled $99 million — significantly worse than the $47 million loss it reported a year ago. Klarna said this was due to several one-off costs related to depreciation, share-based payments and restructuring.

Revenues at the firm increased 13% year-over-year to $701 million. Klarna said it now has 100 million active users and 724,00 merchant partners globally.

It comes as Klarna remains in pause mode regarding a highly anticipated U.S. IPO that was at one stage set to value the SoftBank-backed company at over $15 billion.

Klarna put its IPO plans on hold last month due to market turbulence caused by President Donald Trump’s sweeping tariff plans. Online ticketing platform StubHub also put its IPO plans on ice.

Prior to the IPO delay, Klarna had been on a marketing blitz touting itself as an artificial intelligence-powered fintech. The company partnered up with ChatGPT maker OpenAI in 2023. A year later, Klarna used OpenAI technology to create an AI customer service assistant.

Last week, Klarna CEO Sebastian Siemiatkowski said the company was able to shrink its headcount by about 40%, in part due to investments in AI.

Watch CNBC's full interview with Klarna CEO Sebastian Siemiatkowski

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