China Exports Jump 36.3 Percent in September, Beating Forecasts

China's exports rose 36.3 percent in September from a year earlier, customs data showed on Wednesday, a result that beat forecasts by a wide margin and pointed to strong global demand for Chinese technology goods.

Outbound shipments reached $447.18 billion in US dollar terms. A Reuters poll of economists had expected growth of 25.5 percent, after a 25 percent rise in August. Imports grew 31 percent to $313.65 billion, also well above the 24.5 percent forecast. The gap left a monthly trade surplus of about $133.5 billion.

Chips and cars did the heavy lifting

High technology goods drove the result. Semiconductor shipments rose sharply as the global buildout of artificial intelligence data centers kept demand for memory and related components high. Passenger car exports climbed 64 percent from a year earlier. In yuan terms, exports rose 29.6 percent and imports 24.6 percent, and total trade for the first nine months of the year grew 18.8 percent.

Price data released the same morning told a calmer story at home. Consumer prices rose 0.9 percent in September from a year earlier, while producer prices rose 5 percent, a sign that factories have regained some pricing power without a broad surge in household costs.

Why it matters

The numbers land in the middle of a long fight over technology controls. Washington has spent years restricting China's access to advanced chips and chipmaking tools. September's figures show Chinese firms still selling large volumes of technology goods into the same global supply chains those controls were meant to reshape. Part of the dollar value reflects higher chip prices rather than more units shipped, but the direction is clear.

For the rest of Asia, a strong Chinese import number is welcome news. Imports growing at 31 percent means Chinese factories and consumers are buying more from the region, not only selling to it.

What happens next

Traders will watch whether the pace holds into the final quarter, when holiday shipping usually peaks. A second month near this level would push China's full year surplus to a record and raise the political temperature in Washington and Brussels. The next test is October trade data, due in early November.