BEIJING (dpa-AFX) - China's exports declined at a moderate pace in September as the devaluation of yuan helped it from falling sharply amid weak global demand. At the same time, imports plunged due to a drop in commodity prices and subdued domestic demand.
Exports slid 3.7 percent in September from a year ago, the General Administration of Customs reported Tuesday. Economists had forecast it to drop at a faster pace of 6 percent following August's 5.5 percent decrease.
Meanwhile, imports logged a sharp 20.4 percent contraction after falling 13.8 percent a month ago. This was the eleventh straight annual decline in imports. Imports were expected to decline 16 percent.
The trade surplus totaled $60.34 billion, but bigger than a $48.2 billion surplus expected by economists.
In yuan terms, exports fell 1.1 percent and imports declined 17.7 percent on a yearly basis. The trade surplus came in at CNY 376.2 billion.
The government aims to achieve around 6 percent growth in foreign trade.
The economy expanded 7 percent in the second quarter of 2015. Today's release and recent PMI reports suggest slowdown in economic growth into third quarter.
The National Bureau of Statistics is set to publish third quarter GDP data on October 19.
The International Monetary Fund forecast China to grow 6.8 percent this year, which was below the government's full year target of about 7 percent.
Nonetheless, Julian Evans-Pritchard at Capital Economics, expects stronger growth in China's main trading partners to shore up exports over the coming quarters while a pick-up in investment spending should boost imports.
Copyright RTT News/dpa-AFX