- POSTED: 12 Oct 2013 10:56
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China's trade surplus narrowed to a disappointing $15.2 billion in September from $28.6 billion in August, customs figures showed Saturday.
BEIJING: China's trade surplus narrowed to a disappointing $15.2 billion in September from $28.6 billion in August, customs figures showed Saturday.
Exports fell 0.3 percent year-on-year to $185.64 billion last month, while imports increased 7.4 percent to $170.44 billion, the figures said.
The September trade result was worse than expected with a survey of nine analysts surveyed by Dow Jones Newswires forecasting a trade surplus of $27 billion.
China's trade performance is a key element of the country's economic growth figures, the latest of which for the third quarter through September are due for release next Friday.
A string of strong data in recent months, including for exports and industrial output, have suggested quarterly growth may accelerate, spurring optimism following a surprise downturn during the first half of the year.
For the first nine months of the year, Customs said that exports increased eight percent to $1.61 trillion, while imports increased 7.3 percent to $1.45 trillion.
The trade surplus for the period stood at $169.4 billion, up 14.4 percent, the figures showed.
China, a major driver of the global economy, is coming off its worst annual economic performance since 1999 after gross domestic product (GDP) managed an expansion of just 7.7 percent last year.
Authorities, however, say weaker growth is in line with their desire to shift the country's economic growth model toward what they see as slower and more sustainable private-led demand rather than previously popular credit-fuelled state-driven investment projects.