China's exports and imports shrank at a slower pace for a second month in September, customs data showed on Friday, adding to the recent signs of a gradual stabilisation in the world's second-biggest economy thanks to a raft of policy support measures.
Outbound shipments in September declined 6.2% from a year ago, following a drop of 8.8% in August, and beating economists' forecast for a 7.6% fall in a Reuters poll.
Thanks to gradual recovery in domestic demand, imports also fell at a slower pace, down 6.2%. They missed the 6.0% decline forecast in the poll, but came in better than a 7.3% contraction in August.
KEY POINTS:
* Soybeans: September imports at 7.15 mmt, down 23.6% m/m and 7.3% y/y
* Crude oil: September imports at 45.74 mmt, down 13.4% m/m
* Iron ore: September imports at 101.18 mmt, down 4.9% m/m
* Copper: September imports at 480,426.4 mt, up 1.5% m/m
Preliminary table of commodity trade data
Below are comments from analysts on the commodities data.
COMMENT ON CRUDE OIL
EMMA LI, CHINA OIL MARKETS ANALYST AT VORTEXA IN SINGAPORE
"The month-on-month decline in September crude imports is mostly driven by Saudi and Russian volumes, as oil majors cut Saudi nominations and accelerated crude destocking, while teapot refiners continue pivoting away from pricy Russian oil."
LINKS:
For details, see the official Customs website
(www.customs.gov.cn)
BACKGROUND:
China is the world's biggest crude oil importer and top buyer of coal, iron ore and soybeans.
(Reporting by Asia Commodities and Energy team; Editing by Subhranshu Sahu)
