Finance
China’s exports and imports grew far less than expected in September
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.
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.
Money manager John Davi is positioning for challenges tied to President-elect Donald Trump’s tariff agenda.
Davi said he worries the new administration’s policies could be “very inflationary,” so he thinks it is important to choose investments carefully.
“Small-cap industrials make more sense than large-cap industrials,” the Astoria Portfolio Advisors CEO told CNBC’s “ETF Edge” this week.
Davi, who is also the firm’s chief investment officer, expects the red sweep will help push a pro-growth, pro-domestic policy agenda forward that will benefit small caps.
It appears Wall Street agrees so far. Since the presidential election, the Russell 2000 index, which tracks small-cap stocks, is up around 4% as of Friday’s close.
Davi, whose firm has $1.9 billion in assets under management, also likes staying domestic despite the tariff risks.
“We’re overweight the U.S. I think that’s the right playbook in the next few years until the midterms,” added Davi. “We have two years of where he [Trump] can control a lot of the narrative.”
But Davi plans to stay away from fixed income due to challenges tied to the growing budget deficit.
“Be careful if you own bonds for sure,” said Davi.
Since the election, the benchmark 10-year Treasury yield is up 3% as of Friday’s close.
‘I opt to fly private — no matter what the cost’: The caviar in first class tastes like burnt plastic. What ever happened to airline standards?
Trump’s election win cleared up some market uncertainty — these big questions remain
How remote work can help you travel this holiday season
Are American progressives making themselves sad?
U.S. Beneficial Ownership Information Registry Now Accepting Reports
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
-
Technology6 days agoAI Use Cases: Retail, Finance & Healthcare Solutions
-
Blog Post1 week agoThe Essential Practice of Bank and Credit Card Statement Reconciliation
-
Stock News1 week agoRivian’s losses widen, but investors like hearing of ‘progress’ in next-gen EV
-
Accounting1 week agoFrom the campaign trail to the Tax Code: Taxes under Trump
-
Finance1 week agoChina expected to announce highly anticipated fiscal stimulus package
-
Finance1 week agoStocks making the biggest moves after hours: ABNB, PINS, EXPE, RIVN
-
Accounting1 day agoHow to Create an Effective Invoice Process for Small Businesses
-
Accounting1 week agoBig tax changes promised in Trump administration