October 28, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

China exports see surprise jump despite power crunch

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China exports see surprise jump despite power crunch
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China exports see surprise jump despite power crunch
China exports see surprise jump despite power crunch

BEIJING: China’s exports rose unexpectedly in September, official data showed Wednesday, but analysts warned of a looming hit from the country’s power crunch that has disrupted supply.
The report showed exports rose 28.1% to $305.7 billion. That was slightly slower than the 33% increase logged in August. Imports rose 17.6% to $240 billion, accelerating from the previous month’s 26%.
The data came after a sharp jump in trade in the world’s second largest economy in August, suggesting that overseas demand for consumer goods had surged as a domestic virus outbreak was brought to heel.
But last month many factories were forced to halt operations owing to power outages caused by emission reduction targets, the surging price of coal and supply shortages — raising concern about global supply chains.
“Although power rationing doesn’t appear to have derailed the export sector so far… it could do so in the coming weeks,” cautioned Capital Economics‘ senior China economist Julian Evans-Pritchard.
The politically sensitive trade surplus with the US rose to $42 billion from nearly $38 billion in August, the report said.

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