BEIJING (Reuters) – China’s imports grew at their fastest pace this year in September, while exports extended their strong gains as more trading partners lifted coronavirus restrictions in a further boost to the world’s second-biggest economy.
Exports in August rose 9.9% from a year earlier, customs data showed on Tuesday, broadly in line with analysts’ expectations for 10% growth and up from a solid 9.5% increase in August.
The strong trade performance suggests Chinese exporters are making a brisk recovery from the coronavirus pandemic’s hit to overseas orders. As the global economy restarts, Chinese firms are rushing to grab market share as their rivals grapple with reduced manufacturing capacity.
China’s factory activity has also picked up as international trading gradually resumes.
But some analysts warn exports could peak soon as demand for Chinese-made protective gear recedes and the base effect of this year’s massive declines wears off.
Imports surged 13.2%, returning to growth from a slump of 2.1% in August and much stronger than expectations for a 0.3% increase.
The country’s trade surplus for September stood at $37 billion, compared with an expected $58.00 billion surplus forecast in the poll and a surplus of $58.93 billion in August.
Already heightened U.S.-China tensions are expected to escalate ahead of the U.S. presidential election. China remains well behind on its pledge to boost purchases of U.S. goods under an agreement that was launched in February.
China’s trade surplus with the United States narrowed to $30.75 billion in September from $34.24 billion in August.
Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal in a phone call in August.
However, U.S. Department of Agriculture Secretary Sonny Perdue cast doubt earlier this month on the likelihood of China meeting its commitment to purchase enough agricultural products as promised in its Phase 1 trade deal.
(Additional reporting by Colin Qian; Editing by Sam Holmes)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
