Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox.
Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox.
China's September exports fell 10 per cent from a year earlier, far worse than expected, while imports unexpectedly shrank 1.9 per cent after picking up in August, suggesting signs of steadying in the world's second-largest economy may be short-lived.
That left the country with a trade surplus of $US41.99 billion for the month, the General Administration of Customs said on Thursday.
As China's currency reaches the weakest levels of the year, could further weakness bring out volatility and spur weakness in the AUD? (This video was produced in commercial partnership between Fairfax Media and IG Markets)
Mike Baird has played a key role in making NSW Australiaâs top performing state, but now it looks like cheap politics is getting in the way of sound economics. Michael Pascoe comments.
It will take time and much more than speeches by the Chairman to build ASICâs credibility as a regulator with the will and the fists to go in hard and early on the shonks. Michael Pascoe comments.
Guesstimates are rolling in about whether this yearâs budget deficit forecast has blown out on low wages growth or is holding on thanks to higher commodity prices. Michael Pascoe comments.
At the centre of China's fluctuating coal prices is Yanzhou Coal Mining's Dongtan mine. The Financial Review's Lisa Murray was lucky enough to be given a tour.
Up Next
Will OPEC announce much-anticipated production cuts?
Will OPEC announce much-anticipated production cuts?
All eyes fall on OPEC to announce broad agreement on the levels of output for each member nation, with oil and ASX 200 energy sector expected to take centre stage. (This video was produced in commercial partnership between Fairfax Media and IG Markets)
Investigations are being carried out as to whether Caltex franchises are financially viable and if this results in Caltex franchisees underpaying staff.
First it was 7-Eleven. Now, petrol station chain Caltex is under the spotlight for rampant wage fraud through out it's franchise network- as Fairfax's Adele Ferguson explains.
As China's currency reaches the weakest levels of the year, could further weakness bring out volatility and spur weakness in the AUD? (This video was produced in commercial partnership between Fairfax Media and IG Markets)
Analysts polled by Reuters had expected imports to rise 1 per cent, after unexpectedly advancing 1.5 per cent in August for the first time in nearly two years on stronger demand for coal as well as other commodities such as iron ore that are feeding a construction boom.
Exports had been expected to fall 3 per cent, slightly worse than in August as global demand for Asian goods remains stubbornly weak.
The September import reversal raised questions over the strength of the recent recovery in domestic demand, Julian Evans-Pritchard at Capital Economics said in a note after the data. Photo: Rob Homer
Analysts had expected the trade surplus to expand to $US53 billion in September from August's $US52.05 billion.
The September import reversal raised questions over the strength of the recent recovery in domestic demand, Julian Evans-Pritchard at Capital Economics said in a note after the data.
Advertisement
"The data we have so far suggests that a drop in import volumes of a number of key commodities, including iron ore and copper, are partly responsible," he said.
"This could be an early sign that the recent recovery in economic activity is losing momentum, although we would caution against reading too much into a single data point given the volatility of the trade figures."
A rebound in global commodity prices in recent months has helped temper China's long export and import slump, but the country's foreign trade still faces significant downward pressure, Xinhua news agency reported last week, citing Shen Danyang, a spokesman for the Ministry of Commerce.
Last month, the World Trade Organisation cut its forecast for global trade growth this year by more than a third to 1.7 per cent, reflecting a slowdown in China and falling levels of imports into the United States.
China's economy has shown signs of steadying in recent months, but conditions are uneven, with larger industrial firms expanding their activity and seeing higher profits, while smaller companies continue to struggle.
China's economic growth also has become more dependant on a government infrastructure spending spree and a housing boom as private investment fizzles and exports remain sluggish.
Reuters
Advertisement
Save articles for later.
Subscribe for unlimited access to news. Login to save articles.
Return to the homepage by clicking on the site logo.